Portugal Cards and Payments – Opportunities and Risks to 2028
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Portugal Cards and Payments Market Report Overview
The annual value of card transactions in the Portugal cards and payments market was $147.5 billion in 2023. Cash remains the preferred method of consumer payment in Portugal, however, consumers are increasingly adopting payment cards, resulting in rising payment card penetration and usage. Amid improving banking infrastructure and increasing acceptance of payment cards among merchants, card payment value is set to achieve a compound annual growth rate (CAGR) of more than 5% during 2024-2028.
Portugal Card Transactions Outlook, 2023-2028 ($ Billion)
Buy the Full Report for More Information on the Portugal Cards and Payments Market Forecast Download a Free Sample Report
The Portugal cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the Portugal cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.
Annual Card Transactions Value (2023) | $147.5 billion |
CAGR (2024-2028) | >5% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Payment Instruments | · Cash
· Cards · Credit Transfers · Direct Debits · Checks |
Key Segments | · Card-Based Payments
· E-commerce Payments · Alternative Payments |
Leading Players | · Millennium bcp
· Caixa Geral de Depositos (CGD) · Novobanco · Santander · Banco BPI · WiZink Multibanco |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Portugal Cards and Payments Market Dynamics
Portugal is gradually moving towards the digitalization of its payment infrastructure, supported by a highly banked adult population and the expansion of point-of-sale (POS) infrastructure. To promote secure, efficient, and innovative payment solutions in the market, the central bank released a National Strategy for Retail Payments in 2020. A key element of the strategy urged all merchants to offer customers at least one electronic payment method. However, as a part of its National Strategy for Retail Payments 2025, the government is proposing making it mandatory for merchants to accept at least one electronic payment method.
In addition to conventional POS terminals, mobile POS solutions are also available, which is helping drive electronic payment acceptance among merchants.
Buy the Full Report to Get Additional Portugal Cards and Payments Market Dynamics
Portugal Cards and Payments Market Segmentation by Payment Instruments
Cash accounts for more than half of payment transaction volume in 2023
The key payment instruments in the Portugal cards and payments market are cash, credit transfers, cards, direct debits, and checks. Cash is the most widely used payment instrument, favored by consumers for low-value transactions. However, with the growing adoption of electronic payments, the share of cash within total payment transaction volume fell in 2023e. Cash usage will continue to decline over 2024–28 amid the growing preference for electronic payments (especially among younger generations) and the country’s improving payments infrastructure.
Portugal Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)
Buy the Full Report for More Payment Instrument Insights into the Portugal Cards and Payments Market
Portugal Cards and Payments Market Segments
Debit cards are the leading card type for payments
The key segments in the Portugal cards and payments market are card-based payments, e-commerce payments, and alternative payments.
Card-based Payments: Portugal’s payment card market is well developed as the country has a strong banking population. The convenience of electronic payments, growing payment infrastructure, adoption of contactless payments, and a rising e-commerce market are all facilitating increased payment card usage in the country.
Debit cards are the most popular card type for payments, while credit card usage is comparatively low.
Buy the Full Report for More Market Segment Insights into the Portugal Cards and Payments Market
Portugal Cards and Payments Market - Competitive Landscape
A few of the leading players in the Portugal cards and payments market are Millennium bcp, Caixa Geral de Depositos (CGD), Novobanco, Santander, Banco BPI, WiZink, and Multibanco among others.
Portugal Cards and Payments Market Analysis by Players, 2023
Buy the Full Report to Know More about the Players in the Portugal Cards and Payments Market Download a Free Sample Report
Portugal Cards and Payments Market – Latest Developments
- In January 2023, MB WAY launched Authorized Payments, allowing users to make recurring payments for various services.
- In July 2019, PayPal expanded its international money transfer service Xoom to include Portugal.
Segments Covered in the Report
Portugal Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2028)
- Cash
- Cards
- Credit Transfers
- Direct Debits
- Check
Portugal Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2028)
- Card-Based Payments
- E-commerce Payments
- Alternative Payments
Scope
Portugal’s payment acceptance infrastructure is well developed. To promote secure, efficient, and innovative payment solutions in the market, the central bank released a National Strategy for Retail Payments in 2020. A key element of the strategy urged all merchants to offer customers at least one electronic payment method. However, as part of its National Strategy for Retail Payments 2025, the government is proposing making it mandatory for merchants to accept at least one electronic payment method.
According to the European Central Bank’s Study on the payment attitudes of consumers in the euro area, the share of contactless payment volume within all POS card payments in Portugal rose from 24% in 2019 to 45% in 2022. In terms of value, the share increased from 23% in 2019 to 30% in 2022. This has been driven by contactless payment acceptance being integrated into public transport networks. The Lisbon Metro introduced contactless-enabled payment methods in July 2023. Consumers can tap their smartwatch, phone, or contactless payment card at the payment acceptance validator to pay for fares.
The government’s National Plan for Financial Education 2021–2025 will help raise financial literacy among younger individuals. The Portuguese Insurance and Pension Funds Supervisory Authority, Banco de Portugal, and the Portuguese Securities Market Commission launched the plan in 2011. It aims to create awareness of traditional products such as bank transfers and payment cards, as well as new innovations such as mobile wallets and instant payments.
Reasons to Buy
- Make strategic business decisions, using top-level historical and forecast market data, related to the Portuguese cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Portuguese cards and payments industry.
- Assess the competitive dynamics in the Portuguese cards and payments industry.
- Gain insights into marketing strategies used for various card types in Portugal.
- Gain insights into key regulations governing the Portuguese cards and payments industry.
CGD
Novobanco
Santander
Banco BPI
BNP Paribas
WiZink
Multibanco
Visa
Mastercard
Table of Contents
Frequently asked questions
-
What was the annual value of card transactions in the Portugal cards and payments market in 2023?
The annual value of card transactions in the Portugal cards and payments market was $147.5 billion in 2023.
-
What will the Portugal cards market growth rate be during the forecast period?
Portugal’s annual cards market value is expected to grow at a CAGR of more than 5% during 2024-2028.
-
Which was the leading payment instrument in the Portugal cards and payments market in 2023?
Cash was the leading payment instrument in terms of transaction volume in the Portugal cards and payments market in 2023.
-
Which are the leading players in the Portugal cards and payments market?
A few of the leading players in the Portugal cards and payments market are Millennium bcp, Caixa Geral de Depositos (CGD), Novobanco, Santander, Banco BPI, WiZink, and Multibanco among others.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.