The most distinctive feature of online payments in Portugal is SIBS, a single national payment infrastructure. Multibanco started out in 1985 as an ATM network, and its reference-number (Referência) payments are now widely used in e-commerce today. The practice of receiving an entity number and a reference number and paying via home banking or an ATM has become a payment habit unique to Portugal, spanning everything from utility bills to online shopping. Because it can also reach consumers who are reluctant to enter card details online, it is a priority option to consider when entering the Portuguese market.

Since completion of payment can be delayed until the reference number is actually paid, this method is especially well suited to physical goods that can be held in stock for a period (fashion, electronics, household items) or reservation-based services (accommodation, flights, courses). For businesses centered on digital goods that require instant confirmation, we recommend running it alongside MB WAY, the instant-approval mobile method from the same SIBS family.

When the merchant issues an entity number (Entidade), a reference number (Referência), and an amount at the order stage, the consumer pays by entering that number into their own home banking service or a nearby Multibanco ATM. Once payment is confirmed, Hecto Financial notifies the merchant that the payment is complete, and the amount is collected in euros (EUR) before moving into the settlement process after currency conversion. Reference numbers have an expiration date, so orders expire if not paid within that period, meaning you need to design logic for automatically cancelling unpaid orders and restoring stock.

Through integration with Hecto Financial, a Korean entity can consider adopting Multibanco reference-number payments without a direct contract with SIBS or setting up a local entity in Portugal. However, actual availability and terms (settlement cycle, fees, currency options) vary by the merchant's industry and transaction volume, so confirmation with the Hecto Financial sales team is required before signing a contract.

• Business registration country

  Confirm whether a contract is available for merchants registered in Korea

• Sales channels

  The integration approach and priority differ depending on your online sales channel mix, such as your own store, open marketplaces, or a mobile app

• Product categories

  Confirm in advance whether your category falls under the merchant policy restrictions of the Multibanco operator

• EU regulatory compliance

  Confirm compliance with EU payment regulations such as PSD2 and SEPA (see the official sources below)

The euro (EUR) amount that a consumer pays via home banking or an ATM is collected by Hecto Financial in the local currency and then, after currency conversion, settled to the Korean merchant in whichever of USD, KRW, or JPY was chosen in the contract. The settlement cycle follows the contract terms, and because of the nature of reference-number payments, only transactions confirmed as paid are included in settlement. Refunds are often processed as a re-transfer to the consumer's account rather than a card cancellation, so the processing timeframe should be confirmed before signing the contract, and the fact that EU distance-selling rules allow consumers to withdraw from a purchase within 14 days should also be reflected in the refund policy.

• Banco de PortugalOfficial information on Portugal's payment systems and related regulations. If the content of this page differs from the actual regulations, the official source takes precedence.