For decades, the Multibanco card was synonymous with security and practicality in Portugal. It was the symbol of a country that entered the digital era early and that learned to trust the machines spread throughout the territory. But the way we pay is changing. Mobile phones and smart devices are taking over the role that previously belonged to the physical card, although this is still far from disappearing.
According to SIBS data, more than half of card transactions in Portugal are already carried out using contactless technology. Banco de Portugal confirms that the number of contactless payments has grown consistently in recent years, driven by both cards and mobile devices. What is changing is not trust in the system, but the means we use to access it.
Cell phone is the new card
The cell phone has become the main rival of the Multibanco card. Applications such as MB WAY allow you to make instant payments and in-person purchases using NFC technology. Furthermore, digital wallets such as Apple Pay and Google Wallet are already widely integrated into Portuguese banks, which reinforces the trend.
According to SIBS, MB WAY exceeded 4 million active users and represents a growing share of in-store payments. The big advantage is security: the real card number is not shared during the transaction, being replaced by a temporary code, known as a token. This measure reduces the risk of cloning or data theft almost to zero.
Even so, the same companies emphasize that the physical card continues to be the dominant method, especially among older consumers or in areas where digital access is limited.
Payments on your wrist
Wearable payments, through smart watches, bracelets or even rings, are an expanding reality, although their adoption is still low. The technology is identical to contactless cards, allowing you to pay with a simple gesture of the wrist.
SIBS already offers the MB WAY Pulse, a bracelet that works as an extension of the card. The objective is to facilitate payment without having to take your cell phone out of your pocket. Despite still being a niche solution, data from consultancy Juniper Research indicates that the global wearable payments market is expected to grow significantly by 2030, driven by younger users.
QR Code that simplifies
Another growing trend is the use of QR codes to pay. In Portugal, MB WAY allows merchants to generate QR Codes directly on their cell phones, which avoids fixed costs with payment terminals. According to , this solution has been particularly useful for small businesses and street vendors, who are able to accept digital payments without resorting to a traditional TPA.
Despite this, the TPA is far from disappearing: according to the Portuguese Banking Association, around 93% of terminals now allow contactless, which shows an adaptation of the system, not its replacement.
The future is hybrid
Everything indicates that the Multibanco card will continue to exist, but with an increasingly secondary role. Its main function will be to serve as a backup in situations where digital payment fails, such as cash withdrawals or trips abroad.
The future of payments in Portugal will, it seems, be hybrid: coexistence between physical cards, mobile phones, wearables and QR Codes. The digital revolution is underway, but plastic has not yet said its last goodbye.
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