Banco do Portugal wants to further encourage the use of digital methods, such as cards, transfers or contacless, and further reduce payments with checks.
The Bank of Portugal is studying legislative changes that may force companies to acceptin addition to cash, at least one form of electronic payment. The proposal is part of the new National Strategy for Retail Payments 2030, currently under public consultation, and aims to accelerate the modernization of payment methods in the country, according to .
The initiative arises in a context of strong growth of electronic transactionswhich already largely dominate retail payments in Portugal. According to Banco de Portugal, electronic instruments such as cards, transfers, direct debits and immediate payments represented 99.8% of all operations carried out without the use of physical money in 2024.
The objective of the strategy is to “promote accessibility in the use of electronic payments” and monitor technological developments and new consumer demands. To this end, the financial supervisor proposes analyzing a change in legislation that guarantees consumers the possibility of paying electronically in any commercial establishment.
The numbers reveal a growing preference of the Portuguese through digital media. In 2024, electronic payments processed through the Interbank Clearing System (SICOI) reached historic highs, with 4.7 billion transactions and a total value of 776.7 billion euros.
On the other hand, paper payment instruments continue to lose relevance. You checks represented just 0.2% of the total number of transactions processed in 2024, although they still correspond to 6.7% of the value handled. Commercial effects had a residual weight of just 0.0004% of operations.
Given this trend, the 2030 Strategy also provides for the analysis of measures aimed at further reduce the use of checks. Among the proposed actions is the study of disincentive mechanisms for their use, signaling the regulator’s intention to accelerate the transition to fully digital payment methods.
