In Portugal, debit cards are widely used, but they use cards a little bit differently with their most popular payment method: Multibanco!
E-commerce in Portugal Is Still in The Works
It’s true that Portugal is not well-known for its e-commerce; at least, not yet. Yet, Portuguese e-shoppers spend an average of €1,330 online each year making an annual e-commerce turnover of 3 million euros. Not too bad for a population of ‘only’ 11 million!
If you ask them, the Portugueses’ favorite payment method is Multibanco. A study conducted by ACEPI (Portuguese Association of Electronic Commerce and Interactive Advertising), showed that 78% of the respondents choose Multibanco as a payment option.
What is Multibanco?
Created in 1985, Multibanco has learned the ins and outs of the market over the past 30 years! Through its 19 million cards in circulation, Multibanco offers its clients a number of services such as withdrawals, wire transfer, account monitoring, gas, telephone and/or electricity bill payments as well as paying for online purchases.
How does it work? Simple. After choosing Multibanco as the payment option, an order reference number is shown on the screen. The e-shopper then has three days to pay for their purchase via one of the 13,000 Multibanco ATM’s.
90% of the Portuguese have debit cards that are tied to Multibanco. You’re missing out if you don’t offer this payment method in your online store in Portugal!