Multibanco
Multibanco is Portugal’s national payment network, operated by SIBS and supported by all Portuguese banks. With over 23.7 million cards in circulation and 86% of the Portuguese population holding a Multibanco card, it is the foundational payment infrastructure for the country, used not only for e-commerce but for utility bills, taxes, mobile top-ups, and a wide range of everyday payment needs. In 2024, Multibanco reference codes were the most commonly offered payment method by Portuguese e-commerce retailers, offered by 24% of merchants, ahead of debit cards and MB WAY.
For e-commerce, Multibanco works as a deferred reference-based payment method. At checkout, the merchant generates a unique three-part payment reference: entity code, reference number, and amount. The customer then pays that reference through their online banking, via a Multibanco ATM, or through the MB WAY app. Payment confirmation is sent to the merchant once the transaction clears. Multibanco accounts for approximately 25% of Portuguese e-commerce transactions, making it the second most important local payment method after MB WAY.
The deferred payment mechanic is Multibanco’s defining characteristic from a merchant operations perspective. Unlike MB WAY, which confirms in real time, Multibanco introduces a settlement delay and a pending order management requirement: customers have a validity window to complete the payment, and a portion will generate a reference without completing it. Order management workflows need to account for expiry handling, inventory holds, and the gap between order placement and payment confirmation. Multibanco works best for higher-value purchases in categories where customers are comfortable with a short delay, such as furniture, travel, electronics, and premium goods.
On cost, Multibanco transaction fees are generally lower than card processing and do not involve interchange in the traditional sense. No card details are shared with the merchant, and fraud rates are low given the bank authentication requirement. Exact fees depend on the PSP and volume.
Multibanco and MB WAY operate on complementary use cases rather than competing ones. MB WAY is the stronger choice for fast-moving consumer categories and mobile-first flows. Multibanco is more suitable for delayed payment preference and higher-ticket items. For merchants with meaningful Portuguese volume, offering both maximises coverage across the full Portuguese consumer base.
PSP support is broad. Adyen, Stripe, PPRO, Mollie, and specialist Portuguese providers including Ifthenpay and Easypay all support Multibanco. Non-Portuguese merchants can access it without a local business entity through most major PSPs.
Relevant markets: Portugal
