Multibanco, the most popular payment method in Portugal, is now available through Checkout.com. Checkout.com currently offers Multibanco’s cash and ATM payment services to merchants that are looking to process payments for their Portuguese customers.
Multibanco is connected to 13,000 ATMs across the country, processes nearly 900 million transactions each year, and captures about 30% share of the payments market. Since all major Portuguese banks participate in the network, international online merchants offering Multibanco will be able to access the majority of the country’s online shopping population. With Portugal’s B2C ecommerce market valued at €4.3 billion, businesses that don’t offer Multibanco will miss out on sizable revenue opportunities in this market.
When it comes to e-payments, Portugal still lags behind its Western European counterparts – cash and ATM-based payments are still the most common way to pay for online purchases for a large segment of the population. But as the country improves internet connectivity and smartphones become more prevalent, Portuguese consumers are getting more comfortable with digital commerce. Shares of ecommerce shoppers in Portugal hit an all-time high at nearly 25% – up from 10% a decade ago. At the same time, online banking usage is on the rise; in 2018, almost 40% of all individuals used the internet for online banking.