Portugal
Portugal, with nearly 900 years of history, is located on Europe’s Iberian Peninsula, bordering Spain and the Atlantic Ocean, including the Azores and Madeira. Portugal’s population reached 10.3 million in 2020 and is expected to rise to 13–14 million by 2025 due to migration from Ukraine and Russia. Portuguese is spoken by over 220 million people worldwide, across Brazil, Angola, Mozambique, and other countries.
Card penetration in Portugal is high, with 29 million debit and credit cards in circulation, averaging 2.29 cards per capita, and card transactions accounting for 83% of payments. The most popular payment method is MultiBanco, a local debit card, while credit cards are dominated by Visa and Mastercard and debit cards by Visa Electron and Maestro.
Digital and contactless payments in Portugal have grown rapidly, accelerated by COVID-19. Apple Pay and Samsung Pay allow users to make secure payments using smartphones, driving the adoption of digital wallets and cashless transactions.
E-commerce in Portugal is booming, with spending reaching €4.4 billion in 2020. Over 50% of the population shopped online, and by 2025, online users are projected to reach 6 million, with a market volume of €7.72 billion.
Portugal is also an active player in international trade. In 2023, exports totaled approximately €95 billion, with key products including machinery, vehicles, chemicals, and agricultural goods. Imports reached around €108 billion, mainly consisting of fuels, machinery, and consumer products. Major trading partners include Spain, Germany, France, and the United States, reinforcing Portugal’s strong position in European and global commerce.
Portugal’s payment system is regulated under Decreto-Lei No. 91/2018, transposing the EU PSD2 Directive, promoting online banking, digital wallets, and contactless payments, while reducing reliance on cash and checks.
Top banks
Portugal’s banking sector is well-developed, featuring a mix of local and international banks that provide comprehensive financial services. Leading institutions such as Banco Santander Totta, Millennium BCP, Caixa Geral de Depósitos, and Banco BPI offer retail, corporate, and investment banking solutions. These banks support digital banking, mobile payments, and online transactions, catering to a growing population of tech-savvy consumers. With strong regulation under Banco de Portugal and integration with international financial networks, Portugal’s banks play a key role in promoting financial inclusion and economic growth.
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Caixa Geral de Depósitos (CGD)
CGD (Caixa Geral de Depósitos) is a leading Portuguese bank with a strong presence in Portugal and Brazil, supporting economic and social development through a wide range of banking and financial services. Renowned for its reliability, ethical standards, and professionalism, CGD continues to earn the trust of individuals, businesses, and institutions across both countries.
ABANCA
ABANCA Portugal operates as a branch of ABANCA Corporación Bancaria, serving individuals and businesses with comprehensive retail, corporate, and digital banking services. Headquartered in Lisbon, it focuses on personalized financial solutions, cross-border banking, and innovative digital platforms, strengthening ABANCA’s presence in Portugal’s competitive banking and fintech market.
Novo Banco
Novobanco is the 4th largest bank operating in the national market, with 1.6 million customers, assets of 43.5 billion euros and a 9.8% market share in 2023. We have an omnichannel customer relationship model, with a complete and convenient banking experience, including secure digital channels, complemented by the recent and innovative proximity distribution model, with more than 292 branches and 20 company centers, covering the entire country. . With the most robust capital ratios, we have reinforced our market share in deposits and customer resources, which reach more than 34.5 billion euros, while guaranteeing the financing of the national economy, with support for families and companies, with more than 25.5 billion euros in credit granted. We value the training of our more than 4,200 professionals and support the community through social, cultural and financial inclusion programs. Our purpose is to contribute to the economic growth of Portugal, both for families and companies at all stages of their lives, in a sustainable and responsible way. Novobanco delivered strong results with record net income of €743mn and annual capital generation for the full year 2023, reflecting the continued growth of our banking businesses and confirming the sustainability and resilience of our capital accretive business model.
Millennium BCP
Millennium bcp group has over 30 years of history. It started operating in 1985 and became a history of success, benefiting from the opening and development of the Portuguese financial system. In the last three decades, we have been serving our Clients, individuals and companies, supporting their projects and presenting them with solutions adapted to their needs, innovating in our products and services in order to anticipate the market trends. According to latest financial reports the company's current revenue is $4.12 Billion.
Santander Totta
As a global leader in financial services, we're transforming businesses and empowering communities with product, services, and contributions, but more importantly, we're enriching the lives of our clients. See the work we've done and how we're building a better world for everyone around us. Santander Totta is a bank in the Portuguese financial sector, with a broad customer base and over 600 branches spread across the country. Grupo Santander's presence in Portugal dates back to 1988, the year it purchased a stake of about 10% in Banco do Comércio e Indústria (BCI). Banco Santander, S.A revenue for the twelve months ending March 31, 2024 was $134.860B, a 35.7% increase year-over-year. Banco Santander, S.A annual revenue for 2023 was $129.242B, a 44.44% increase from 2022.
Banco BPI
Banco BPI is a private Portuguese bank founded in 1981, headquartered in Porto. In 2017, the Spanish group CaixaBank acquired a majority stake, becoming the primary shareholder of BPI. BPI offers a variety of banking products and services, including current accounts, credit cards, personal loans, home loans, insurance, and investments. Through the BPI App, customers can access their banking services conveniently and securely. Internationally, BPI operates in Portugal, Spain, Angola, and Mozambique. In Angola, it is a leader in the business banking segment, holding a 50.1% stake in Banco de Fomento Angola (BFA), which serves around 750,000 customers. In Mozambique, BPI has a 30% stake in the bank BCI Fomento. If you're looking for a BPI branch in Portugal, you can consult their branch network on the official website. The mission of Banco BPI is to contribute to the financial well-being of its customers and the sustainable progress of society.
ActivoBank
ActivoBank is a leading digital bank in Portugal, part of the Novo Banco Group, offering online and mobile banking services. It provides current accounts, savings, credit cards, loans, and investment solutions with low fees, user-friendly interfaces, and secure digital platforms. Regulated by the Banco de Portugal, ActivoBank ensures compliance with national and European banking regulations, promoting transparent, safe, and convenient banking. Its focus on digital-first solutions makes it ideal for tech-savvy customers seeking cashless payments, online account management, and seamless financial services across Portugal.
BBVA
BBVA (Banco Bilbao Vizcaya Argentaria) is a leading global financial group headquartered in Spain, operating in over 30 countries, including Colombia, Mexico, and Portugal. The bank provides a full range of retail banking, corporate banking, investment banking, and wealth management services, with a strong focus on digital banking solutions through online and mobile platforms. BBVA is also committed to sustainability, integrating ESG practices across its operations, and is regulated by authorities such as Banco de España and Banco de Portugal.
N26
N26 is a leading German digital bank offering fully online banking services across Europe and the US. Known for its mobile-first approach, N26 provides checking accounts, savings tools, personal loans, and insurance with low fees, real-time notifications, and international money transfers. It supports cashless payments, fintech integration, and seamless digital banking, making it a top choice for tech-savvy customers seeking convenient, transparent, and innovative banking solutions. Regulated in multiple regions, N26 ensures secure mobile banking, efficient financial management, and enhanced user experience for personal and business clients.
Caixa de Credito de Leiria
Caixa de Crédito de Leiria (CCL) is a regional cooperative bank in Portugal, headquartered in Leiria. It provides retail and business banking services, supporting local development and financial inclusion. Regulated by the Banco de Portugal, CCL offers loans, savings accounts, and community-focused financial solutions, contributing to regional economic growth.
Top payment methods
Portugal’s payment landscape blends traditional and digital solutions, including debit and credit cards, MultiBanco, Visa, Mastercard, Visa Electron, Maestro, MB WAY, Apple Pay, and Google Pay. Growing contactless payments, e-wallets, and online banking have boosted cashless transactions and e-commerce, supporting financial inclusion and a modern, secure digital payment ecosystem.
Maestro
Maestro is a debit product within the Mastercard offering. Maestrocards can be used for payments in stores and to withdraw cash fromATMs. This payment method requires electronic online authorizationfor almost all transactions, although Mastercard's rules allowminimum limits to be set only for Maestro EMV chip transactions.
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Multibanco
Multibanco, the flagship brand of SIBS, is an international success and one of Portugal’s most trusted payment systems. Designed to simplify daily life, Multibanco enables users to perform over 90 banking operations—from cash withdrawals, balance checks, bill payments, and transfers to purchases and government payments. With its vast network of ATMs and automatic payment terminals, Multibanco makes banking fast, secure, and convenient. Many of its innovative services have been recognized and awarded at the European level, highlighting its role in modernizing digital payments in Portugal.
MB WAY
MB WAY is Portugal’s top mobile payment app from Multibanco (SIBS), allowing instant payments and transfers via smartphone or tablet. Users can easily link their debit or credit card to their mobile number and confirm transactions securely with a PIN.
With MB WAY, you can shop online or in stores, send money, withdraw cash without a card, and create virtual MB NET cards for safer online purchases. The service combines speed, security, and convenience, making it one of the most popular digital banking solutions in Portugal.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Paybybank
At checkout, when you select Pay by Bank as your online payment method, you can securely pay directly from your bank account. Simply choose your bank, which generates a secure payment link to authorize the transaction. Once authorized, you are redirected back to the checkout page. No card details, no account creation, and no personal financial information are shared, making Pay by Bank a safe, fast, and convenient online payment solution.
This digital banking payment solution is offered by PayOp, covering almost all of Europe and competing with top online payment providers in the e-commerce and fintech market.
ApplePay
Concluding remarks
In Portugal, payment habits are quite similar to those in other developed countries. More precisely, cash, debit cards, and credit cards are all widely accepted forms of payment. Additionally, mobile payments, digital wallets, and contactless payments are becoming increasingly popular. Below, we explain some particularities in relation to each of the referred payment methods, supporting e-commerce growth, cashless transactions, and financial inclusion in Portugal:
Cash
Cash is widely accepted, especially in smaller towns and rural areas, but digital payments are common in urban centers.
Credit and Debit Cards
Credit and debit cards, including major international brands, are popular, with contactless payment options available at many establishments.
Mobile Payments
Mobile payment methods, including local solutions and international options like Apple Pay and Google Pay, are gaining popularity, particularly among the younger population.
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