# Portugal — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/PT
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **MB WAY** is Portugal's dominant mobile payment app (~6 million users, 95% bank coverage)
- **Multibanco** is the national ATM/payment network operated by SIBS (since 1985)
- **SIBS** is the central payment infrastructure operator, connected to TIPS since 2020
- **EuroPA** founding member with Spain and Italy for cross-border instant payments
- **QR Code Express** enables static QR payments via MB WAY app

## Banking landscape

### Central Bank
- **Name:** Banco de Portugal
- **Website:** https://www.bportugal.pt/
- **Role:** Payment systems oversight, monetary policy, SICOI operation

### Major Banks (2024)

| Rank | Bank Name | Total Assets (EUR) | Market Share | Type |
|------|-----------|-------------------|--------------|------|
| 1 | Caixa Geral de Depósitos (CGD) | 94,084 M | 24.15% | State-owned |
| 2 | Banco Comercial Português (BCP) | 63,961 M | 16.41% | Commercial |
| 3 | Banco Santander Totta | 57,068 M | 14.65% | Subsidiary (Spanish) |
| 4 | Novo Banco | 42,069 M | 10.80% | Commercial |
| 5 | Banco BPI | ~40,000 M | ~10% | Subsidiary (CaixaBank) |

**Market Concentration:** Top 5 banks hold ~90% of banking assets
**Credit Institutions:** 137 (as of 2024)

### 2024 Financial Performance
- **Top 5 Banks Combined Profit:** ~€5 billion
- **CGD Record Profit:** €1.74 billion (+34% YoY)
- **Santander Portugal:** €990 million (+10.7%)
- **BCP:** €906 million (+5.9%)

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| SICOI | Banco de Portugal | Retail clearing | Active |
| SIBS Instant Payments | SIBS | Instant (SCT Inst) | Active (2018) |
| Multibanco | SIBS | ATM/payment network | Active (1985) |
| MB WAY | SIBS | Mobile payments | Active (2014) |
| TARGET/CLM | Eurosystem | RTGS | Active |

### SICOI (Sistema de Compensação Interbancária)
- **Operator:** Banco de Portugal
- **2024 Volume:** 4.7 billion operations
- **2024 Value:** €776.7 billion
- **Growth:** +11.2% transactions YoY

### SIBS Instant Payments
- **Launch:** 2018 (national), 2020 (TIPS connection)
- **Coverage:** 95% of Portuguese bank accounts
- **Speed:** Seconds (real-time 24/7/365)
- **TIPS Connected:** Pan-European instant payments

### Multibanco Network
- **Launch:** September 2, 1985
- **ATMs:** 13,000+ terminals
- **Participating Banks:** 27
- **Services:** 60+ different services
- **2023 Withdrawals:** €27.8 billion
- **2023 Payments/Services:** €9.1 billion

### New Services (2024)
- **SPIN:** Transfer using mobile phone number or tax ID
- **Confirmation of Payee:** Reduces fraud by 77%
- **2024 Verifications:** 83.2 million payee confirmations
- **SPIN Associations:** 339,000 active at year end

---

## QR code standards

### MB WAY QR (Primary Mobile)

| Attribute | Value |
|-----------|-------|
| **Standard Name** | MB WAY QR / QR Code Express |
| **Type** | Mobile payment QR |
| **Operator** | SIBS |
| **Launch** | 2014 (MB WAY), expanded QR |
| **Users** | ~6 million |
| **Bank Coverage** | 28 banks (95%) |

#### QR Code Express (Static QR)
- Single QR code can be scanned multiple times
- Used for physical goods, digital goods, services
- Supports traditional media and physical devices
- Instant payment confirmation

#### Payment Methods at POS
1. **QR Code Scan:** Customer scans terminal QR
2. **NFC Contactless:** Android and iPhone support
3. **Phone Number:** Tell cashier, confirm in app

### Multibanco Reference System

| Attribute | Value |
|-----------|-------|
| **Type** | Numeric reference code |
| **Components** | Entity (5 digits) + Reference + Amount |
| **Generation** | Real-time with expiry management |
| **Validation** | Check-digit verification |
| **Channels** | ATM, home banking, MB WAY |

#### Reference Structure
```
Entity: 5-digit company identifier
Reference: Variable length numeric
Amount: Payment value

Example voucher contains:
- Entity Number (Entidade): 12345
- Reference Number: 123456789012
- Amount: €50.00
```

### Cardless ATM Access (QR)
- Press green button, select "Utilizar MULTIBANCO"
- Scan QR code on ATM screen with MB WAY
- Authenticate with PIN/TouchID/FaceID
- ATM unlocked for use

---

## Mobile payment apps

| App Name | Bank | MB WAY | QR | Instant |
|----------|------|--------|-----|---------|
| CGD Caixadirecta | CGD | Yes | Yes | Yes |
| Millennium | BCP | Yes | Yes | Yes |
| Santander PT | Santander | Yes | Yes | Yes |
| NB smart | Novo Banco | Yes | Yes | Yes |
| BPI App | BPI | Yes | Yes | Yes |
| MB WAY App | SIBS (standalone) | Yes | Yes | Yes |

### MB WAY Features
- **P2P Transfers:** Send by phone number
- **POS Payments:** QR, NFC, phone number
- **Online Shopping:** E-commerce integration
- **MB NET:** Virtual card generation
- **Cardless ATM:** QR-based withdrawal
- **Farm Stalls:** 1,900+ Portuguese farms accept MB WAY

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [MB WAY QR](https://docs.barcoder.ai/docs/payments/PT/mb-way-qr) | Payment QR | QR Code | 6M users | [`mb-way-qr`](https://docs.barcoder.ai/docs/standards/mb-way-qr) |
| [QR Code Express](https://docs.barcoder.ai/docs/payments/PT/qr-code-express) | Static QR | QR Code | Growing | [`qr-code-express`](https://docs.barcoder.ai/docs/standards/qr-code-express) |
| [Multibanco Reference](https://docs.barcoder.ai/docs/payments/PT/multibanco-reference) | Numeric code | Entity+Ref+Amt | Universal | — |

## Sources

- [PPRO - MB WAY Payment Method](https://www.ppro.com/payment-methods/mb-way/)
- [SIBS - QR Code Express Documentation](https://www.docs.pay.sibs.com/portugal/sibs-gateway/payment-methods/qr-code-express/)
- [Banco de Portugal - Report on Payment Systems 2024](https://www.bportugal.pt/en/publicacao/report-payment-systems-2024)
- [TheBanks.eu - Portugal Major Banks](https://thebanks.eu/countries/Portugal/major_banks)
- [Wikipedia - Multibanco](https://en.wikipedia.org/wiki/Multibanco)
- [SIBS - Instant Payments](https://www.sibs.com/other-financial-services-swift-and-instant-payments/)
- [Fintech Futures - EuroPA Launch](https://www.fintechfutures.com/instant-real-time-payments/cross-border-instant-payments-between-bancomat-bizum-and-sibs-launched-through-europa)
- [Transfi - Portugal Payment Rails](https://www.transfi.com/blog/portugals-payment-rails-how-they-work---sepa-multibanco-mb-way)
- [Portugal.com - MB WAY History](https://www.portugal.com/lifestyle/the-history-of-mb-way-portugals-money-transfer-system/)
- [Wikipedia - European Payments Alliance](https://en.wikipedia.org/wiki/European_Payments_Alliance)

## Full country report

[PT-portugal.md](https://docs.barcoder.ai/docs/payments/PT)