Portugal Cards and Payments – Opportunities and Risks to 2026

Portugal Cards and Payments Market Report Overview

The annual value of card transactions in the Portugal cards and payments market was $114 billion in 2022 and is expected to achieve a CAGR of more than 6% during 2022-2026. Cash is the most preferred method of consumer payment in Portugal. However, the Portuguese are increasingly adopting payment cards, resulting in a rise in overall payment card penetration and usage in the country.

The Portugal cards and payments market research report provides a detailed analysis of market trends in the Portugal cards and payments industry. The report provides values and volumes for several key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review period. It also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Portugal Card Transactions Outlook, 2022-2026 ($ Billion)

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Portugal Cards and Payments Market Dynamics

Innovative payment solutions are being introduced in Portugal. In August 2022, cryptocurrency wallet and payment platform NearPay launched a virtual card offering in Portugal. The card enables holders to use cryptocurrencies to make purchases at any online retailer that accepts Visa. The card is designed to convert cryptocurrencies into traditional fiat currencies to enable online transactions.

To encourage the adoption and use of electronic payments, the central bank unveiled the ‘National Strategy for Retail Payments 2020-2022’ in 2020. As part of the strategy, the central bank started migrating all payment cards and POS terminals to contactless. The central bank also mandated merchants to accept at least one electronic method of payment. In addition, it promoted instant payments by allowing fund transfers using mobile phone numbers, email addresses, civil identification numbers, and tax identification numbers instead of bank account numbers.

Portugal Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Portugal cards and payments market are cash, cards, credit transfers, direct debits, and cheques. In 2022, cash was the major payment instrument followed by cards and credit transfers. Cash is the most widely used payment instrument, favored by consumers for low-value transactions. However, with growing adoption of electronic payments, it is estimated that the share of cash within total payment transaction volume will decline. The COVID-19 pandemic has prompted consumers to avoid cash in favor of alternatives perceived to be safer, such as contactless cards.

Portugal Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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Portugal Cards and Payments Market Segments

The key segments in the Portugal cards and payments market are card-based payments, e-commerce payments, and alternative payments. Debit card is the most popular card type for payments, mostly used for day-to-day, low-value transactions. Meanwhile, financial institutions are launching credit cards to target new customer groups and increase penetration. The gradual adoption of contactless technology and strong growth in the ecommerce market are expected to drive the overall payment card market.

The Portuguese ecommerce market is currently in a growth phase. This can be attributed to the country’s widespread smartphone penetration and internet connectivity, coupled with enhanced security in online transactions. This has resulted in high consumer confidence and participation in ecommerce.

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Portugal Cards and Payments Market - Competitive Landscape

Some of the key players in the Portugal cards and payments market are Caixa Geral de Depositos, Millennium bcp, Novo Banco, Santander, WiZink, BNP Paribas, Banco BPI, Multibanco, Mastercard, and Visa. Millennium bcp accounted for the highest debit cards transaction value in 2022.

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Portugal Cards and Payments Market Research Overview

Segments Covered in the Report

Portugal Cards and Payments Market Payment Instruments Outlook (Value, $ Billion, 2018-2026)

• Cash
• Cards
• Credit Transfers
• Direct Debits
• Cheques

Portugal Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2026)

• Card-Based Payments
• E-Commerce Payments
• Alternative Payments

Scope

This report provides:

• Current and forecast values for each market in the Portuguese cards and payments industry, including debit and credit cards.
• Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. It also includes an overview of the country’s key alternative payment instruments.
• E-commerce market analysis.
• Analysis of various market drivers and regulations governing the Portuguese cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Portuguese cards and payments industry.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to Portugal’s cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in Portugal’s cards and payments industry.
• Assess the competitive dynamics in Portugal’s cards and payments industry.
• Gain insights into marketing strategies used for various card types in Portugal.
• Gain insights into key regulations governing Portugal’s cards and payments industry.