Multibanco is a very popular electronic payment method in Portugal. This method allows consumers to pay using their bank card, as well as their mobile phone or computer.
To use Multibanco, consumers need to select this option during the online or in-store purchase. They are then directed to a page where they can enter their bank card information or their phone number associated with their Multibanco account.
Once the transaction is completed, the consumer receives a receipt and the amount is debited from their bank account. Multibanco also allows consumers to pay bills and withdraw cash from ATMs.
The Multibanco system was launched in Portugal in 1985 and is managed by the company SIBS. It is used by most Portuguese banks and has become a very popular payment method in the country.