For decades, the sound of notes leaving an ATM terminal was synonymous with independence and security for millions of Portuguese people. With the accelerated transition to digital payments, the preparation of the digital euro by the European Central Bank and the advancement of mobile phone wallets, the future of ATMs is starting to look different.
The idea that Multibanco will disappear is a mistake. The system should transform, following the reduction in the use of physical money and the possible adoption of the digital euro, adapting to an ecosystem where the majority of transactions are electronic, according to the VortexMag portal.
A new generation of machines
Taking inspiration from countries where cash is already residual, the Portuguese network is preparing a technological leap. The machines will no longer be used mainly to withdraw money and will become advanced points of contact between the customer and the bank.
The new functions may include transfers, confirmation of payments, issuance of virtual cards, requests for documentation and authentication with a Citizen Card, including operations linked to the management of portfolios for the future digital euro, when it becomes available.
Multibanco as an extension of digital banking
According to the same source, the objective is to transform terminals into a physical extension of mobile applications, with reinforced security, accessibility and permanent operation. From note boxes, they evolve into digital counters that are always open.
Currently, there are around 12 thousand terminals in Portugal, a number that could be reduced by half in the next decade. The remaining equipment will be more intelligent, multifunctional and placed in strategic locations.
Fewer machines, more capabilities
Old collection boxes will give way to sophisticated terminals in shopping centers, supermarkets and stations. They will be able to manage accounts, unlock cards, contact the bank via video call and authenticate transactions with facial recognition.
Over time, the physical keyboard and the card itself may lose relevance, giving way to digital interactions and integration with services related to the digital euro, according to .
Digital security at the center of change
With less cash in circulation, the risk migrates from physical robbery to cybercrime. The new machines will rely on biometric authentication and direct connection to the smartphone, with security protocols equivalent to those of online banking.
Whenever possible, transactions will be confirmed on the banking app and receipts will now be digital. Covering the PIN will no longer be routine; Attention shifts to protecting the cell phone screen and digital credentials.
The cell phone takes the place of the card
Just as checks fell into disuse, physical cards will also tend to lose space. Bringing the cell phone closer to the terminal will identify the user and allow payments to be authorized using biometrics.
This approach paves the way for interactions with the digital euro, using NFC or QR codes, without the need for a plastic card.
Unified, faster experience
The integration between terminals and mobile devices promises faster, safer and more intuitive operations. The same experience should apply to digital euro payments when it goes into production.
A future without notes, but with a long transition
Despite digitalization, physical money does not disappear overnight. It will continue to be used by part of the population and in less digitalized areas, requiring phased adaptation.
During this period, some machines will continue collecting banknotes and may offer conversion services between cash and digital media, to ensure financial inclusion.
More efficient network
Banks envisage a smaller network, but with more services: multifunctional centers where it will be possible to pay bills, purchase tickets, deal with small bureaucracies and, potentially, interact with digital euro wallets.
Multibanco evolves over time
The Multibanco concept is being reconfigured. Instead of disappearing, it becomes a digital financial services point, available 24 hours a day.
According to the same source, the physical card should be gradually replaced by the cell phone as digital payments become standard. Banknotes and coins lose space in everyday life, remaining in specific situations. Over a medium-term horizon, machines will no longer be seen just as withdrawal boxes and will become gateways to digital banking services, including, when it arrives, the digital euro.
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