Portugal Mobile Payments Market Size (2024 - 2029)

The market size of mobile payments in Portugal is experiencing significant growth, driven by the increasing adoption of online payments and the rising use of smartphones. Despite challenges such as limited debit and credit card ownership among locals, prepaid cash cards and mobile payments are becoming prevalent. The competitive landscape is intensifying as numerous mobile payment service providers implement innovative strategies to attract and retain customers. The integration of artificial intelligence is enhancing security measures, addressing concerns that could hinder market expansion. The COVID-19 pandemic further accelerated the shift towards digital payments, with regulatory changes supporting the growth of contactless transactions.

Home Market Analysis Technology, Media and Telecom Research Digital Commerce Research Payments Research Digital Payments Research Mobile Payments Research Portugal Mobile Payments Industry Market Size

Market Size of Portugal Mobile Payments Industry

Portugal Mobile Payments Market Overview
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 19.10 %
Market Concentration Medium

Major Players

Portugal Mobile Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

Portugal Mobile Payments Market Analysis

  • Online payments are increasing rapidly in Portugal, with an annual growth rate of 19.1%, as more homes gain access to the Internet and smartphone usage rises. Despite an increase in online commerce, many locals do not have debit or credit cards. Prepaid cash cards and mobile payments are common payment options in Portugal.
  • Numerous providers of mobile payment services are growing their companies and creating fierce rivalry in the consumer market. Payment application companies like Google Pay, Amazon Pay, Alipay, and others are implementing cutting-edge strategies to maintain a devoted customer base and attract new ones. Google Pay, for instance, provides scratch cards that contain a fixed amount that may be won over small transactions.
  • With the advent of contemporary applications of artificial intelligence, the financial sector is experiencing a tremendous technological upsurge (AI). The adoption of mobile wallet technology is, however, fraught with serious security and safety issues that are limiting the industry's expansion. However, with the advent of AI, producers are attempting to create cutting-edge goods with the capacity to identify fraud and provide a secure environment for financial transactions. During the projection period, increased point of sale (POS) and near field communication (NFC) use by commercial companies is also fueling demand for the global mobile payment market.
  • Meawallet and Universo upend the Portuguese payment industry. The cooperation for digital transformation, which was announced in the middle of 2020, is expected to hasten the huge client base of Universo's adoption of digital wallet and payments, as well as establish a new benchmark for creative use of payment technology. MeaWallet, which offers cutting-edge approved technology in more than 20 countries, is the global leader in mobile and digital payments and mobile wallets. MeaWallet, one of Europe's top mobile payment firms, offers clients high-quality goods with a quick time to market. MeaWallet is a leader in the mobile payments industry and has strong ties to Amex, Mastercard, Visa, NXP, and other significant businesses.
  • The COVID-19 pandemic acted as a boom for online and digital payment services. The lockdowns and work from home customers enhanced food-delivery and e-commerce. In order to maintain social distancing and safeguarding purpose people chose from online or digital payment services, driving the industry. Moreover, in order to promote the digital payments, the maximum limit for contactless transactions has been permanently raised from EUR 20 to EUR 50 in Portugal, while the minimum fees for merchants accepting POS payments have been erased.

Portugal Mobile Payments Industry Segmentation

Payment services carried out from or through a mobile device and subject to financial regulation are referred to as mobile payments. A customer can use a mobile device to pay for a variety of services and hard or digital goods instead of cash, checks, or credit cards.

Portugal Mobile Payment Market is segmented by Payment Type (Proximity Payment, Remote Payment).

By Payment Type (Market share in percentage based on relative adoption)
Proximity Payment
Remote Payment
Need A Different Region Or Segment?
Customize Now

Portugal Mobile Payments Market Size Summary

The mobile payments market in Portugal is experiencing rapid growth, driven by increased internet access and smartphone adoption. Despite the rise in online commerce, many residents still prefer prepaid cash cards and mobile payments due to the limited use of debit and credit cards. The competitive landscape is marked by numerous providers, including major players like Google Pay, Amazon Pay, and Alipay, who are employing innovative strategies to attract and retain customers. The integration of artificial intelligence in financial services is enhancing security measures, addressing concerns that could hinder market expansion. The growing use of point of sale and near field communication technologies is further propelling the demand for mobile payments, with companies like MeaWallet and Universo leading digital transformation efforts in the country.

The COVID-19 pandemic significantly boosted the adoption of online and digital payment services, as consumers sought contactless options to maintain social distancing. This shift was supported by regulatory changes, such as increasing the contactless transaction limit and eliminating fees for merchants accepting POS payments. Although Portugal's mobile payment market is relatively small, it is expanding quickly, supported by a decrease in unemployment and improved internet connectivity. The market remains fragmented, with both major and mid-sized vendors competing for market share. Collaborations, such as those between Mastercard and Barraqueiro Group, aim to enhance urban mobility and smart payment solutions, while partnerships like that of Multibanco and PayPal are facilitating the integration of digital wallets.

Explore More

Portugal Mobile Payments Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness-Porter's Five Force Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Assessment of COVID-19 Impact on the market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Payment Type (Market share in percentage based on relative adoption)

      1. 2.1.1 Proximity Payment

      2. 2.1.2 Remote Payment

Portugal Mobile Payments Market Size FAQs

The Portugal Mobile Payments Market is projected to register a CAGR of 19.10% during the forecast period (2024-2029)

Alipay , Amazon.com, Inc., American Express, Google LLC and Paypal Holdings, Inc. are the major companies operating in the Portugal Mobile Payments Market.

Portugal Mobile Payment Market Report Snapshots

Portugal Mobile Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)