Multibanco as a gateway to new customers. TrustPay expands its portfolio with the most popular payment method in Portugal.

TrustPay, a European provider of acquiring services and online payment solutions is expanding its range of payment methods with Multibanco and the MB Way Pay. Through a partnership with SIBS, a Portuguese company that is one of the main payment processors in Europe and manages both services, TrustPay offers merchants operating in Portugal the opportunity to offer their customers the popular payment method and increase their competitiveness.

“As the e-commerce industry continues to grow, it is essential for businesses to offer their customers various payment options. This can increase customer satisfaction, reduce shopping cart abandonment rates, and ultimately increase sales” , says Karin Milková, Commercial Director at TrustPay.

Multibanco is a widely used payment method in Portugal. It functions as an interbank network that allows customers to make payments through ATMs, online banking, and mobile banking applications. Portuguese people use it to pay bills for electricity, water, and gas, make online purchases of goods and services, buy tickets for cultural events, pay taxes, top up their mobile phone balance, and perform many other functions. The Multibanco card is owned by 86% of the Portuguese population and is supported by all local banks.

The MB Way, on the other hand, has 2 million active users and is a popular mobile payment service. Customers can link their debit or credit card to their phone number and make instant payments. When paying in online stores, customers only need to choose the MB WAY payment method and enter their mobile phone number. They receive a notification in the MB WAY app prompting them to confirm the payment with their MB WAY PIN, and then the payment result is displayed on the e-commerce website or in the application.

“Integrating modern and reliable local payment methods in European countries helps e-shops increase their competitiveness when expanding abroad. That’s why we offer our clients over 50 different online payment methods and now we want to open the doors to the Portuguese market”, says TrustPay CEO David Rintel.

The integration of the Multibanco payment method can bring several advantages to e-shops and online retailers. The main advantage is reaching a larger customer base in Portugal by offering the preferred payment method. Multibanco is also associated with convenience for many people in Portugal because it allows them to make payments directly from their Portuguese bank accounts without the need for credit cards .The high level of security is also crucial, as Multibanco enjoys a high level of trust from its users.

“The integration of local payment methods is interesting because, unlike the traditional option of paying online with a card, they often reflect the needs and shopping behavior of consumers in a specific country. This increases the chances that they will shop at those e-shops that offer a convenient payment method they have trusted for years”, adds Karin Milková.