Portugal Profile: Encouraging Digital Transactions

03 Nov, 2020 . 4 minutes

Portugal’s population was estimated at 10.3 million at the end of 2019 with the average highest online spending (80 percent) from the 15-years-to-44 years age group. Four of 10 of Portuguese are now ecommerce users. Meanwhile, the average annual online spend per capita is 1,236 euros - below the average Europe spend of 2,186 euros per capita.

Portugal's internet penetration is at 83 percent - supporting the 48 percent of cross-border shoppers who buy mainly from China, Spain and the UK. Cross-border shoppers accounted for 23 percent of overall ecommerce - or around 1 billion euros. Cards dominate cross-border payments with a 40 percent market share, according to fourth-quarter 2019 data. This is expected to grow at a CAGR of 20 percent by 2021.

The government is encouraging more digital transactions to help the country accelerate towards the digital economy era. The pace for digital evolution is increasing from below 20 percent in 2018 to more than 60 percent of banks that are expected to be digitally mature by the end of 2020. Banco de Portugal allowed PIN-less contactless payment for transactions up to 50 euros as a result of Covid-19.

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