Portugal Mobile Payments Market Size

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.