Card penetration is high in Portugal, thanks to a chip-and-PIN culture going back 30 years. The country has 29 million debit and credit cards in circulation, accounting for 83% of transactions.
The most popular payment method is MultiBanco, a local debit card. This is a post-pay option where a reference is generated at the checkout and then paid via an ATM with a debit card or via online banking.
COVID-19 had a significant impact on Portugal's ecommerce spend. Over 50% of the population shopped online in 2020, with verticals like supermarkets, retail, and media benefiting from the highest increase.