Access Portugal’s consumers with Multibanco and Payshop
Online euphoria is all over the place in the country that expects 9 million internet users until 2020. We already described this market , but when it comes to e-commerce in Portugal, it is important to give more detailed attention to the country’s main local payment systems: Multibanco and Payshop. With great penetration in different regions, they are responsible for receiving hundreds of payments from utilities bills and taxes to public transportation charging cards and pre-paid mobile phones.
Both payment services receive billions of Euros in transactions annually. Any international merchant willing to embrace e-commerce in Portugal must be aware of these powerful local payments, with which BoaCompra maintains a long-term relationship.
A little about Multibanco
Imagine that you are walking on the street and remember that you have forgotten to pay one of your electric bill. Well, in Portugal you just need to go to an ATM in order to pay it. As simple as that.
Multibanco is a multi-task system where the customer can not only pay bills but also check their balance and bank statements via ATMs spread in different regions. These versatile terminals can be found in grocery stores, supermarkets, stationery stores, tobacconists, kiosks and cafes. Better yet, you can use this service through your home banking, meaning that Multibanco is available anywhere and everywhere.
Just last year, in 2017, 2,541 million transactions were processed by SICOI (Interbank Clearing System). According to the Report on Payment Systems of the Bank of Portugal, this activity corresponds to 417 billion euros processed by the company and Multibanco represents the staggering 86% of the overall volume of operations processed by SICOI (2,185 million operations). So, there is no surprise that merchants keep adding Multibanco to their payment options.
What about Payshop?
Another relevant payment method among Portuguese shoppers is Payshop, a payment service available on a national network of about 6 thousand commercial spots. Currently, more than 5 million payments are processed per month across this network. It is a simple, fast and uncomplicated service - no need for bank cards, records, data entry or codes.
Among other distinctions, Payshop was considered the "Best Payment Solution" in Portugal in 2015 by the magazine CFI.co (Capital Finance International), a publication specialized in economics and finance that publishes analyzes and comments on economic and political factors.
As you can see, a vibrant e-commerce market and exceptional network with a diverse portfolio of payment methods is mandatory to meet all demands. Multibanco and Payshop are important players in Portugal and they can help your business be in any part of the country – via BoaCompra partnership – with different possibilities to pay for your product or service. This is our main role: shortening distances with personalized solutions for your company and for your final client.