What Is Multibanco?

Multibanco is Portugal's interbank network and payment system, operated by SIBS (Sociedade Interbancária de Serviços). With over 12,000 ATMs across Portugal and integration with all Portuguese banks, Multibanco is the most widely used payment infrastructure in the country. For e-commerce, Multibanco provides a reference-based payment method that allows consumers to pay online purchases through ATMs, online banking, or the MB WAY mobile app.

## What Is Multibanco?

In the context of online payments, Multibanco is a voucher-based payment method. When a consumer selects Multibanco at checkout, the system generates a payment reference consisting of an entity number, a reference number, and the amount. The consumer then has a set period (typically 1-7 days) to pay using this reference at any Multibanco ATM, through their bank's online banking portal, or via the MB WAY app. Once paid, the merchant receives confirmation.

Multibanco is deeply embedded in Portuguese daily life. Beyond e-commerce payments, Portuguese consumers use Multibanco ATMs to pay utility bills, taxes, insurance premiums, phone top-ups, and government fees. The familiarity and trust associated with the Multibanco network make it a preferred payment method for many Portuguese consumers.

## How Multibanco Works

The payment flow starts at checkout. The merchant's PSP generates a Multibanco reference through the SIBS API. This reference (entity + reference number + amount) is displayed to the consumer on-screen and/or sent via email. The consumer can pay this reference through three channels:

1. **ATM**: The consumer visits any Multibanco ATM, selects "Payments and Services," enters the entity number and reference, confirms the amount, and pays using their debit card. 2. **Online banking**: The consumer logs into their bank's online banking, navigates to the Multibanco payments section, enters the reference, and confirms. 3. **MB WAY**: The consumer uses the MB WAY mobile app to scan or enter the reference and pay instantly from their linked bank account.

After payment, SIBS notifies the merchant's PSP, which in turn notifies the merchant. Settlement to the merchant typically occurs within 1-3 business days.

## MB WAY

MB WAY is the mobile component of the Multibanco ecosystem. Launched in 2014, MB WAY allows consumers to make instant payments, transfers, and purchases from their smartphones. For e-commerce, MB WAY provides a faster alternative to the traditional Multibanco reference flow — the consumer enters their phone number at checkout and receives a push notification in the MB WAY app to authorize the payment instantly. MB WAY has over 5 million active users in Portugal.

## Fees

Multibanco fees for merchants are typically low. SIBS and PSPs charge a fixed fee per reference generated or per payment received, usually in the range of €0.50-1.50 per transaction. This flat-fee structure makes Multibanco cost-effective for medium to high-value transactions compared to percentage-based card fees.

## Why Multibanco Matters

Portugal has approximately 10 million people, and Multibanco reaches virtually all of them. While card usage is growing, many Portuguese consumers still prefer Multibanco for online payments because it leverages their trusted banking infrastructure and does not require sharing card details online. For merchants targeting the Portuguese market, Multibanco is essential — offering it alongside card payments can increase conversion by 15-25%.

PSPs like Stripe, Adyen, and Mollie support Multibanco references and MB WAY, enabling international merchants to accept Portuguese payments without a local banking relationship.