Note receivables

3 Months Ended

12 Months Ended

Mar. 31, 2018

Dec. 31, 2017

7.	Note receivables


	March 31,2018					December 31,2017
Legal obligors		Visa	Master	Hipercard	Total		Visa	Master	Hipercard	Total
Itaú		349,272	1,128,312	311,450	1,789,034		237,335	751,542	250,817	1,239,694
Bradesco		449,645	119,721	—	569,366		333,108	83,160	—	416,268
Banco do Brasil		364,329	103,753	—	468,082		287,334	84,504	—	371,838
CEF		95,462	118,096	—	213,558		69,974	83,684	—	153,658
Santander		164,853	468,908	—	633,761		122,614	310,946	—	433,560
Other		214,628	584,640	—	799,268		141,802	393,999	—	535,801

Total card issuers (i)		1,638,189	2,523,430	311,450	4,473,069		1,192,167	1,707,835	250,817	3,150,819

Cielo – Elo		—	—	—	173,879		—	—	—	151,851
Cielo		—	—	—	107,394		—	—	—	80,464
Redecard		—	—	—	38,204		—	—	—	45,289
Amex		—	—	—	49,409		—	—	—	39,608
Vero		—	—	—	16,605		—	—	—	21,463
Other		—	—	—	22,939		—	—	—	31,864

Total acquirers (ii)		—	—	—	408,429		—	—	—	370,539

Other1		—	—	—	1,823		—	—	—	991
Total other		—	—	—	1,823		—	—	—	991

Total note receivables		1,638,189	2,523,430	311,450	4,883,321		1,192,167	1,707,835	250,817	3,522,349

(i)

Card issuers: receivables derived from transactions where the PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the intermediation agreements between PagSeguro Brazil and Visa, Mastercard or Hipercard. However, the PagSeguro Brazil´s contractual note receivables are with the financial institutions, which are the legal obligors on the note receivables.Additionally, amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by Visa, Mastercard or Hipercard, as applicable, in the event that the legal obligors do not make payment. PagSeguro Brazil started operating directly as a financial intermediary in 2016.

(ii)	Acquirers: refer to card processing transactions to be received from the acquirers, which are a third parties acting as a financial intermediaries between the issuing bank and PagSeguro Brazil. This balance also includes the receivables from sales of debit and credit card readers.

The maturity analysis of note receivables is as follows:


	March 31, 2018		December 31, 2017
Due within 30 days		2,647,347		2,213,929
Due within 31 to 120 days		1,763,293		1,045,825
Due within 121 to 180 days		140,265		114,953
Due within 181 to 360 days		332,416		147,642

		4,883,321		3,522,349

8.	Note receivables


	December 31,
	2017								2016
Legal obligors	Visa		Master		Hipercard		Total		Visa		Master		Total
Itaú		237,335		751,542		250,817		1,239,694		99,433		244,741		344,174
Bradesco		333,108		83,160		—		416,268		115,009		36,032		151,041
Banco do Brasil		287,334		84,504		—		371,838		91,414		29,425		120,839
CEF		69,974		83,684		—		153,658		23,837		30,979		54,816
Santander		122,614		310,946		—		433,560		48,695		79,085		127,780
Other		141,802		393,999		—		535,801		50,716		93,473		144,189

Total card issuers (i)		1,192,167		1,707,835		250,817		3,150,819		429,104		513,735		942,839

Vero		—		—		—		21,463		—		—		331,807
Cielo		—		—		—		232,315		—		—		355,949
Redecard		—		—		—		45,289		—		—		56,025
Amex		—		—		—		39,608		—		—		4,090
Other		—		—		—		31,864		—		—		24,804

Total acquirers (ii)		—		—		—		370,539		—		—		772,675

Other		—		—		—		991		—		—		—
Total other		—		—		—		991		—		—		—

Total note receivables		1,192,167		1,707,835		250,817		3,522,349		429,104		513,735		1,715,514

(i)

Card issuers: receivables derived from transactions where PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the intermediation agreements between PagSeguro Brazil and Visa or Mastercard. However, PagSeguro Brazil’s contractual note receivables are with the financial institutions, which are the legal obligors on the note receivables. Additionally, amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by Visa or Mastercard, as applicable, in the event that the legal obligors do not make payment. PagSeguro Brazil started operating directly as a financial intermediary in 2016.

(ii)	Acquirers: refers to card processing transactions to be received from the acquirers, which are third parties acting as financial intermediaries between the issuing bank and PagSeguro Brazil. This balance also includes the receivables from sales of debit and credit card readers.

The maturity analysis of note receivables is as follows:


	December 31,
	2017		2016
Due within 30 days		2,213,929		970,086
Due within 31 to 120 days		1,045,825		609,689
Due within 121 to 180 days		114,953		43,144
Due within 181 to 360 days		147,642		92,595

	3,522,349		1,715,514