What is the payment gateway in Portugal?

09 Oct 2023

The world of online payments in Portugal is rich and diverse, offering options for individuals and businesses to engage in secure and convenient transactions. Here's a comprehensive look at the commonly used payment gateways and methods in Portugal:

1. Multibanco:

The quintessential Portuguese payment system, Multibanco, reigns supreme. This versatile system allows customers to make payments through ATMs, mobile banking apps, and online banking platforms.

2. Credit and Debit Cards:

Visa and Mastercard, those global titans of plastic payments, find a warm embrace in Portugal. These credit and debit cards are universally accepted, whether it's for online shopping or swiping at your favorite local café. The convenience of card payments is a staple in the Portuguese payment ecosystem.

3. PayCEC:

PayCEC steps onto the stage with a suite of payment solutions for online businesses. From credit card processing to online bank transfers, PayCEC caters to the multifaceted needs of online merchants.

4. MB WAY:

Portugal's mobile marvel, MB WAY, has redefined mobile payments. This app empowers users to make payments, transfer funds, and even withdraw cash from ATMs using their smartphones. Its versatility spans both in-store and online payments.

5. Bank Transfers:

For substantial transactions, such as property acquisitions and B2B payments, bank transfers remain a reliable choice. Businesses routinely provide bank account details to facilitate these transactions.

6. Cryptocurrencies:

While not mainstream, cryptocurrencies like Bitcoin are gaining a foothold in Portugal's financial realm. Some forward-looking businesses may accept cryptocurrencies for specific transactions, reflecting the global trend toward digital assets.

In essence, Portugal's payment gateway ecosystem is a testament to its adaptability and technological readiness. The choice of payment method often hinges on factors like the nature of the transaction, customer preferences, and the sophistication of the business.