This development comes as a result of PPRO’s long-standing partnerships with SIBS and Deutsche Bank Portugal.
MB WAY has a large consumer base of over 4.5 million users and is supported by 28 banks across Portugal. With a 45% market share of national ecommerce transactions and an extensive user base, payment service providers (PSPs), and their merchants that want to expand and grow in the Portuguese market need to offer MB Way as a payment method at checkout.
According to PPRO data, the Portuguese ecommerce market, currently worth USD 13.9 billion, is expected to grow to USD 22.6 billion by 2026. For online merchants wishing to tap into this vast growth, creating a payment experience tailored to how Portuguese consumers spend their money is paramount.
PPRO achieved unicorn status in 2021 after raising USD 270 million from JP Morgan, Eldridge, Eurazeo Growth, Sprints Capital, and Wellington Management. Earlier in 2022, PPRO acquired Alpha Fintech, a next-gen payments technology company, in a deal expanding PPRO’s offering and strengthening its presence and networks globally.
Card penetration is high in Portugal, thanks to a chip-and-PIN culture going back 30 years. The country has 29 million debit and credit cards in circulation, accounting for 83% of transactions.
The most popular payment method is MultiBanco, a local debit card. This is a post-pay option where a reference is generated at the checkout and then paid via an ATM with a debit card or via online banking.
Multibanco has been around since 1985. It's a post-pay payment method. This means a reference is generated at the checkout, and the customer then either goes to an ATM and pays physically with their debit card or pays online via the Multibanco online banking environment.
COVID-19 had a significant impact on Portugal's ecommerce spend. Over 50% of the population shopped online in 2020, with verticals like supermarkets, retail, and media benefiting from the highest increase.
In September 2022, PPRO has announced the integration of Buy Now Pay Later (BNPL) provider ZIP into its platform. This partnership allows PPRO to expand its Australian payments offering, with ZIP being the first Australian BNPL method to be added into the platform’s infrastructure.
The same month, PPRO has expanded its market coverage of Malaysia with the integration of GrabPay and Touch ‘N Go’s e-wallets in its payments infrastructure. PPRO now offers all of Malaysia’s popular, independent e-wallets, Boost, Touch ‘n Go, and GrabPay to its partners which include enterprises with payments platforms, payment service providers, fintechs, and banks. Through this integration, these partners can supercharge their revenue by gaining direct access to Malaysian consumers who spend an estimated USD 3.8 Billion a year when shopping cross-border, according to the press release.
Finally, in October 2022, PPRO has launched an orchestration layer to help clients scale payment services through one connection.
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