The latest report on the Digital Economy by ACEPI (Digital Economy Association) shows that 75% of the Portuguese population, around 7 million people, use the internet and 3.8 million of these users shop online.
It is also possible to know that the computer continues to be the most used device for shopping on the Internet with more than 90% of preferences, followed by the mobile phone with 78% and the tablet with 27% and that Worten is the favourite shop of Portuguese e-shoppers.
So we know from analysing ACEPI data how many Portuguese shop online, how they shop and who they shop from, but do we know how they pay for what they buy? The answer is yes, and that's the data we're going to present to you next.
Most popular online payment methods in Portugal
As we've mentioned, the ACEPI study doesn't just include the number of Portuguese who shop online or which sites they prefer, but also which main means of payment in e-commerce that Portuguese e-shoppers use the most to buy goods and products online.
Payment by Multibanco reference
Unsurprisingly, in the list drawn up by ACEPI, Portuguese consumers' favourite online payment method is payment by Multibanco reference, with 78% of the preferences.
Although the study doesn't give any reasons for this preference, the reluctance of many Portuguese consumers to pay by credit/debit card or digital wallet may have played an important role in this choice, since there is no need to enter personal data when paying by Multibanco reference.
For this payment method to work, all the online shop has to do is automatically generate a reference that the consumer can use to pay for the order. Payment can then be made via an ATM terminal, home banking (web and mobile), MB Spot, mobile phone and POS.
Despite this fact, online card payments are becoming increasingly secure. REDUNIQ's 3D-Secure service enables secure online card payments by entering a single-use code sent by SMS to the cardholder's mobile phone.
Credit/Debit Card
With 68% of the preferences, we find in 2nd place the Credit Cards or Debit Cards, a method in which the consumer makes the payment by entering their card details into the online shop's form.
More secure after various measures imposed by the European Union, namely double authentication, payment by card has numerous advantages for consumers and businesses, as it not only allows payment to be made when the order is placed, but also facilitates the entire invoicing and logistics process.
Another of the advantages associated with this payment method is the possibility of allowing automatic periodic collections, an especially interesting service if the business offers recurring purchases ("autoship") via subscription.
Bank transfer
Bank transfers are favoured by 61% of the Portuguese, appearing as the third option on the list. In this case, the online shop provides an IBAN to which the customer transfers the amount of the purchase in question.
Paypal
As with cards, the option of PayPal is particularly interesting for recurring purchases ("autoship") such as those made with various subscription services.
In order to make the payment, the consumer must first have a PayPal account with a card or bank account added. Once this condition has been met, simply log in to the PayPal platform via the window that appears during the checkout process.
With 55% of the preferences, PayPal ranks fourth in the ACEPI table.
MB WAY
With 50% of the preferences, fifth place is occupied by MB WAY, a solution that allows you to make a payment in the online shop by entering your mobile phone number and then receiving a notification to confirm the payment.
Like a credit card, MB WAY has the advantage that payment takes place when the order is placed.
When analysing this list, I would also like to mention payments on delivery (40%) and the growth of digital wallets, which already account for 21% of Portuguese consumers' payment preferences, a trend largely related to the increased use of smartphones when shopping online.
REDUNIQ at the forefront of online payments
As we can see, diversity marks the list of methods of online payments This makes it necessary for businesses to adopt comprehensive and functional solutions to meet the consumption habits of Lusitanian e-shoppers and thus generate more sales for their online shop.
So that checkout (finalising a purchase with payment) is not a problem and your online business offers the best possible service for its customers. innovative online payment methods to its customers, REDUNIQ offers you two online payment solutions: o REDUNIQ E-Commerce and REDUNIQ@Payments.
In this comparison of online payment methods REDUNIQ, we start with REDUNIQ E-Commerce.
As well as enabling your online shop to receive payments online with Visa and Mastercard debit and credit cards from all over the world, the REDUNIQ E-Commerce solution has no membership costs or monthly fees and makes it possible to integrate MBWAY with your online shop's other e-commerce payment methods.
If your idea is selling online without a website via social media, o REDUNIQ@Payments is the solution you're looking for. Aimed, as we mentioned, at online businesses selling with or without a website, REDUNIQ@Payments is a turnkey solution that not only has no membership costs, fixed costs or monthly fees, but also requires no integration, allowing you to receive online payments by e-mail, SMS, WhatsApp, Visa and Mastercard, MB WAY and Multibanco reference.
