Market Overview

The Portugal mobile payments market was valued at USD 10.66 Million in 2024 and is expected to reach USD 52.18 Million by 2033. It is forecast to grow at a CAGR of 17.21% during the 2025-2033 period. This growth is driven by widespread smartphone adoption, increased digital infrastructure, consumer preference for contactless payments like MB WAY, and the rising e-commerce sector. Government and banking initiatives further facilitate the use of mobile payments, boosting convenience and accessibility. 

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Portugal Mobile Payments Market Key Takeaways

• The market size was USD 10.66 Million in 2024.
• The CAGR is 17.21% during the forecast period 2025-2033.
• The market is projected to reach USD 52.18 Million by 2033.
• Widespread smartphone adoption enables convenient mobile transactions.
• Government policies support a cashless, inclusive digital payment ecosystem.
• E-wallets, including MB WAY, facilitate around 34% of online purchases.
• Digital wallets are pivotal in the growth of e-commerce-related mobile payments.

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Market Growth Factors

The growing adoption of smartphones in Portugal has revolutionized the consumer interaction with financial services, making mobile payments a preferred alternative to traditional methods. Smartphones provide access to digital wallets, banking applications, and contactless payment options anytime and anywhere. Features such as biometric authentication, NFC technology, and robust app-based security improve trust and ease of use, encouraging frequent transactions. This widespread use creates a mobile-first financial ecosystem and drives innovation, boosting mobile payments adoption in both urban and rural areas.

Government initiatives have been instrumental in fostering the digital payments shift in Portugal. In 2024, electronic payment instruments accounted for 99.8% of all cashless retail payments through the national clearing system SICOI. Regulatory support has strengthened payment infrastructure and established clear frameworks, allowing banks and FinTech firms to offer secure and user-friendly platforms. These policies promote financial inclusion, making digital payments accessible to all societal segments, reducing cash reliance, and enhancing transaction convenience. Campaigns promoting awareness and digital literacy continue to build consumer and merchant confidence in mobile payment technologies.

The e-commerce sector's expansion significantly influences mobile payments adoption. E-wallets constitute approximately 34% of online purchases in Portugal, with MB WAY leading as the most used payment method. Designed for instant, seamless transactions, mobile wallets enhance online shopper satisfaction and trust. Their integration with e-commerce platforms streamlines payment management for goods, services, and subscriptions, inducing consistent usage. The correlation between e-commerce growth and mobile wallet availability opens opportunities for financial institutions and retailers to innovate, positioning mobile payments centrally within Portugal's evolving digital economy.

Market Segmentation

Mode of Transaction:

• WAP: Detailed analysis of WAP-based transactions is included in the report.
• NFC: Near Field Communication technology is covered as a mode facilitating contactless payments.
• SMS: Mobile payment transactions via SMS are analyzed.
• USSD: Unstructured Supplementary Service Data transactions are part of the segmentation.
• Others: Transactions through other unspecified methods are also addressed.

Application:

• Entertainment: Mobile payments usage in entertainment sectors is examined.
• Energy and Utilities: Applications in energy and utilities sectors are considered.
• Healthcare: Mobile payments for healthcare services are included.
• Retail: Retail applications and their mobile payment trends are analyzed.
• Hospitality and Transportation: Usage in hospitality and transportation sectors are covered.
• Others: Other applications of mobile payments are addressed.

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Regional Insights

The report analyses regional markets including Norte, Centro, A. M. Lisboa, Alentejo, and others in Portugal. It provides comprehensive insights and forecasts for each region. Specific market dominance or quantitative regional share is not explicitly detailed in the report.

Recent Developments & News

In July 2025, MB WAY, Portugal's leading mobile payment app, introduced NFC payments for iPhone users throughout Europe. This update aligns with the EU's Digital Markets Act, which requires Apple to permit third-party apps access to NFC technology previously exclusive to Apple Pay. Consequently, MB WAY iOS users now benefit from seamless contactless transactions, equalizing the experience with Android users and enhancing daily mobile payment convenience.

In March 2025, EuroPA, a partnership between Italy's Bancomat, Spain's Bizum, and Portugal's MB WAY, launched cross-border instant payments across Southern Europe. This service enables users to send and receive money instantly across Italy, Spain, Portugal, and Andorra using mobile numbers via familiar domestic apps. Established on SEPA Instant standards, it strengthens European payment sovereignty, interoperability, and sets the stage for forthcoming merchant payments and request-to-pay solutions.

Key Players

• MB WAY
• Bancomat
• Bizum

Customization Note:

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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