Multibanco: how the Portuguese payment method works for merchants
Multibanco is Portugal's interbank network, born in 1985: today it runs the country's ATM estate, over sixty different operations and the reference payment, together with the MB WAY mobile app. For Portuguese consumers it is an everyday method, present in e-commerce and services. This guide covers the two flows, checkout activation and costs compared with flat rates.
Multibanco and cards: per-transaction fee versus IC++ (estimated monthly cost)
| Offer | €2,500/month | €8,000/month | €25,000/month |
|---|---|---|---|
| Cards with flat rate (1.9%) | €47.50 | €152 | €475 |
| Multibanco fixed fee (€0.35/transaction) | €17.50 | €56 | €175 |
| RoxPay IC++ (€0.15 + 0.35%-0.85%) | €16.25-28.75 | €52-92 | €162.50-287.50 |
Estimates with a €50 average ticket (50, 160 and 500 transactions); the Multibanco row assumes a public-list fixed fee, the RoxPay row refers to the card flow.
What Multibanco is and how the Portuguese network works
Multibanco is Portugal's shared interbank network, run by SIBS, the interbank services company founded in 1985 by the country's banks. The network connects about 12,000 ATMs and supports over sixty operations: withdrawals, top-ups, tax payments, tickets and bills.
Two instruments matter most for e-commerce. The first is the reference payment: the merchant generates an entity, reference and amount, and the customer pays at an ATM, in home banking or in the banking app before the deadline. The second is MB WAY, the SIBS mobile app launched in 2015, which pays by QR or phone number with instant confirmation. Both are push payments: the customer pushes money from their own account, with no card data involved.
Reference payments and MB WAY: the two flows compared
In a reference payment the checkout shows the customer three pieces of data: entity, reference and amount. The payment can happen any time before the deadline, across dozens of channels: ATMs, home banking, banking apps. The merchant receives collection confirmation and ships the order; settlement follows the contract, typically 1 business day after receipt.
With MB WAY the cycle shortens: the customer scans the QR or enters the phone number linked to the app, authorises with a PIN and the order confirms in real time. For e-commerce the practical difference is conversion: the reference payment requires a step outside the checkout, while MB WAY closes the sale on the spot. Many Portuguese stores offer both, because the reference stays familiar for higher amounts and MB WAY dominates everyday micro-payments.
How merchants accept Multibanco at checkout
A European merchant needs a gateway whose acquiring supports the SIBS network: no Portuguese company or local account. Multibanco and MB WAY are enabled by contract, and the checkout shows them to customers with a Portuguese address or IP, or to everyone sorted by country.
The operational flow resembles a bank-based method: collection or authorisation confirmation, euro settlement, refunds by transfer. Refunds on reference payments are handled as a bank transfer to the customer's IBAN, because there is no card network to reverse on. Before activation, check the total cost: our payment gateway fees analysis shows the impact of flat rates ([fees comparison](/en/resources/payment-gateway-fees-comparison)).
Costs: per-transaction fee versus IC++ pricing
Multibanco and MB WAY are usually priced with a fixed fee per transaction, typically around €0.30-0.50 in public price lists, or with a percentage in blended plans. The fixed fee is easy to forecast but opaque: it does not say what the same volume would cost on cards, component by component.
Under IC++ pricing every component is explicit: interchange, scheme fee and declared markup. With RoxPay's pricing, €0.15 + 0.35% to 0.85% (IC++), the merchant knows the real cost of the card flow and can weigh it against the fixed fee of the Portuguese methods. The table below estimates the monthly cost across three volumes, with a €50 average ticket.
The Portuguese market: banks, SIBS and payment habits
The Portuguese banking system revolves around Caixa Geral de Depósitos, Millennium BCP, Novo Banco, Santander Totta, Montepio and BPI: the apps of these banks, together with MB WAY, drive the country's everyday payments. SIBS reports a user base in the millions for MB WAY, growing steadily.
Search demand confirms the weight of the method: Multibanco-related queries exceed 201,000 searches per month in Portugal. For an e-commerce selling into Lisbon or Porto, offering Multibanco and MB WAY means speaking the customer's financial language: customers who do not find them at checkout must switch to cards, with extra friction and abandoned carts. A payment link with Multibanco also covers manual sales: our [payment link guide](/en/resources/payment-link-generator) explains the flow.
Frequently Asked Questions
What is Multibanco?
Portugal's interbank network, run by SIBS since 1985: it connects about 12,000 ATMs, supports over sixty operations and includes the reference payment and the MB WAY app for mobile payments.
What are entity and reference in a Multibanco payment?
They are the three data points the merchant generates for the order: the entity (beneficiary code), the reference (unique payment code) and the amount. The customer uses them at an ATM, in home banking or in the banking app before the deadline.
What is MB WAY?
The SIBS mobile app launched in 2015: it pays by QR code or phone number with instant authorisation in the app, linked to the customer's bank account. It is among the most used instruments in Portugal for everyday payments.
How much does it cost to accept Multibanco?
Providers usually apply a fixed fee per transaction around €0.30-0.50 or a percentage in blended plans. With RoxPay the card flow follows the declared IC++ pricing, €0.15 + 0.35% to 0.85%.
Does Multibanco have chargebacks?
No. Both the reference payment and MB WAY are push payments authorised by the customer: there is no card-network chargeback. Disputes are handled with refunds by transfer and clear return policies.
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