Summary
- MB WAY is Portugal's dominant mobile payment app (~6 million users, 95% bank coverage)
- Multibanco is the national ATM/payment network operated by SIBS (since 1985)
- SIBS is the central payment infrastructure operator, connected to TIPS since 2020
- EuroPA founding member with Spain and Italy for cross-border instant payments
- QR Code Express enables static QR payments via MB WAY app
Banking landscape
Central Bank
- Name: Banco de Portugal
- Website: https://www.bportugal.pt/
- Role: Payment systems oversight, monetary policy, SICOI operation
Major Banks (2024)
| Rank |
Bank Name |
Total Assets (EUR) |
Market Share |
Type |
| 1 |
Caixa Geral de Depósitos (CGD) |
94,084 M |
24.15% |
State-owned |
| 2 |
Banco Comercial Português (BCP) |
63,961 M |
16.41% |
Commercial |
| 3 |
Banco Santander Totta |
57,068 M |
14.65% |
Subsidiary (Spanish) |
| 4 |
Novo Banco |
42,069 M |
10.80% |
Commercial |
| 5 |
Banco BPI |
~40,000 M |
~10% |
Subsidiary (CaixaBank) |
Market Concentration: Top 5 banks hold ~90% of banking assets
Credit Institutions: 137 (as of 2024)
2024 Financial Performance
- Top 5 Banks Combined Profit: ~€5 billion
- CGD Record Profit: €1.74 billion (+34% YoY)
- Santander Portugal: €990 million (+10.7%)
- BCP: €906 million (+5.9%)
Payment infrastructure
National Payment Systems
| System |
Operator |
Type |
Status |
| SICOI |
Banco de Portugal |
Retail clearing |
Active |
| SIBS Instant Payments |
SIBS |
Instant (SCT Inst) |
Active (2018) |
| Multibanco |
SIBS |
ATM/payment network |
Active (1985) |
| MB WAY |
SIBS |
Mobile payments |
Active (2014) |
| TARGET/CLM |
Eurosystem |
RTGS |
Active |
SICOI (Sistema de Compensação Interbancária)
- Operator: Banco de Portugal
- 2024 Volume: 4.7 billion operations
- 2024 Value: €776.7 billion
- Growth: +11.2% transactions YoY
SIBS Instant Payments
- Launch: 2018 (national), 2020 (TIPS connection)
- Coverage: 95% of Portuguese bank accounts
- Speed: Seconds (real-time 24/7/365)
- TIPS Connected: Pan-European instant payments
Multibanco Network
- Launch: September 2, 1985
- ATMs: 13,000+ terminals
- Participating Banks: 27
- Services: 60+ different services
- 2023 Withdrawals: €27.8 billion
- 2023 Payments/Services: €9.1 billion
New Services (2024)
- SPIN: Transfer using mobile phone number or tax ID
- Confirmation of Payee: Reduces fraud by 77%
- 2024 Verifications: 83.2 million payee confirmations
- SPIN Associations: 339,000 active at year end
QR code standards
MB WAY QR (Primary Mobile)
| Attribute |
Value |
| Standard Name |
MB WAY QR / QR Code Express |
| Type |
Mobile payment QR |
| Operator |
SIBS |
| Launch |
2014 (MB WAY), expanded QR |
| Users |
~6 million |
| Bank Coverage |
28 banks (95%) |
QR Code Express (Static QR)
- Single QR code can be scanned multiple times
- Used for physical goods, digital goods, services
- Supports traditional media and physical devices
- Instant payment confirmation
Payment Methods at POS
- QR Code Scan: Customer scans terminal QR
- NFC Contactless: Android and iPhone support
- Phone Number: Tell cashier, confirm in app
Multibanco Reference System
| Attribute |
Value |
| Type |
Numeric reference code |
| Components |
Entity (5 digits) + Reference + Amount |
| Generation |
Real-time with expiry management |
| Validation |
Check-digit verification |
| Channels |
ATM, home banking, MB WAY |
Reference Structure
Entity: 5-digit company identifier
Reference: Variable length numeric
Amount: Payment value
Example voucher contains:
- Entity Number (Entidade): 12345
- Reference Number: 123456789012
- Amount: €50.00
Cardless ATM Access (QR)
- Press green button, select "Utilizar MULTIBANCO"
- Scan QR code on ATM screen with MB WAY
- Authenticate with PIN/TouchID/FaceID
- ATM unlocked for use
Mobile payment apps
| App Name |
Bank |
MB WAY |
QR |
Instant |
| CGD Caixadirecta |
CGD |
Yes |
Yes |
Yes |
| Millennium |
BCP |
Yes |
Yes |
Yes |
| Santander PT |
Santander |
Yes |
Yes |
Yes |
| NB smart |
Novo Banco |
Yes |
Yes |
Yes |
| BPI App |
BPI |
Yes |
Yes |
Yes |
| MB WAY App |
SIBS (standalone) |
Yes |
Yes |
Yes |
MB WAY Features
- P2P Transfers: Send by phone number
- POS Payments: QR, NFC, phone number
- Online Shopping: E-commerce integration
- MB NET: Virtual card generation
- Cardless ATM: QR-based withdrawal
- Farm Stalls: 1,900+ Portuguese farms accept MB WAY
Schemes
Sources
Full country report
PT-portugal.md