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TrustPay Expands Payment Method Range to ‘Open the Doors to the Portuguese Market’

TrustPay, the European provider of acquiring services and online payment solutions, is expanding its range of payment methods with Multibanco and MB Way Pay.

Portugal-based payment processor for Europe, SIBS, which manages both Multibanco and MB Way Pay, has partnered with TrustPay. As a result, TrustPay can now offer merchants operating in Portugal the opportunity to offer their customers the popular payment method and increase their competitiveness.

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.

Much of the Portuguese population uses 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. Eighty-six per cent of the population in Portugal own a Multibanco card, which all local banks support.

Meanwhile, 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.

“It is essential for businesses to offer their customers various payment options”
Karin Milková, commercial director at TrustPay
Karin Milková, commercial director at TrustPay

Karin Milková, commercial director at TrustPay, said: “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.

“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 behaviour 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.”

David Rintel, CEO of TrustPay, said: “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.”

The integration of the Multibanco payment method can bring several advantages to e-shops and online retailers. The main advantage of the integration of the Multibanco payment method is reaching a larger customer base in Portugal.

A large proportion of the population in Portugal associate Multibanco with convenience. It enables people to pay directly from their Portuguese bank accounts without the need for credit cards. Its high level of security is also important, as Multibanco enjoys a high level of trust from its users.

Author

  • Tom joined The Fintech Times in 2022 as part of the operations team; later joining the editorial team as a journalist.

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