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Multibanco Casino Payment System

Table of Contents

History

Launched by SIBS in 1985, Multibanco has since solidified its position as the leading banking network in Portugal. It has grown exponentially from its humble beginnings with a few hundred ATM terminals — currently, it boasts a network of over 13,000 ATMs. One of Multibanco's defining milestones was the launch of its online payment services in the 2000s. This marked the evolution of Multibanco from a traditional ATM-based banking system to a comprehensive financial services platform. Today, it allows Portuguese consumers to manage their finances, make instant payments, and even purchase show tickets — all from the comfort of their homes or on the go.
Multibanco logo
The system's unique selling proposition is its dual functionality. Multibanco offers both physical card-based transactions at ATMs and online banking services, thus catering to a wide demographic of consumers. It's also known for its rigorous security standards and user-friendly interface, which has been crucial in gaining the trust of millions of Portuguese consumers. However, its main drawback is its regional focus. For the time being, the method is only available in Portugal.

Pros and Cons

Multibanco has a unique set of features that position it as an effective payment solution for online casinos, particularly those targeting the Portuguese market. Here, we outline some of its key advantages and disadvantages.

Pros

  • Widespread use
  • Security
  • Instant transactions
  • User-friendly interface

Cons

  • Limited availability
  • No withdrawal option
  • Portuguese bank account required

How to Use Multibanco in Online Casinos

Here’s how players can use Multibanco in online casinos: Utilising Multibanco as a payment method in online casinos is a straightforward process that can be completed in a few simple steps:
  1. Account setup: To use Multibanco, you must first have a bank account with any Portuguese bank that is part of its network.
  2. Deposit selection: In the casino’s payment or cashier section, you should select Multibanco as your preferred deposit method.
  3. Transaction details: After you have opted for Multibanco, the casino will generate a transaction reference and an entity number. These details are used to identify the transaction.
  4. Payment completion: You must then log in to your online banking platform, enter the provided reference and entity numbers, and confirm the transaction. The funds will be transferred immediately, and your casino account will be credited.
  5. Transaction confirmation: Once the transaction goes through, the casino usually sends a confirmation to your registered email address.

Regions

At the moment, Multibanco remains available only in Portugal, as one of the biggest interbank networks on the market.

Payment Methods

Multibanco has created several payment options so far — from MB Net, which facilitates online payments, to MB Way for mobile payments and prepaid cards.

Customer Support

To contact Multibanco representatives, users need to fill out a form on the official website or dial (00 351) 217 813 000 for general information and inquiries.

Security

Multibanco employs stringent security measures to ensure the safety of its users' transactions, including two-factor authentication and strong encryption protocols. This way, it safeguards the user's data against unauthorised access.

Licenses

Multibanco is licensed and regulated by the Bank of Portugal, the country's primary financial regulatory authority. This supervision ensures that it complies with the high standards of the European banking industry, especially with regard to security measures, transparency, and financial practices. What’s more, the system is a part of the SIBS payment network and, as such, falls under the regulatory jurisdiction of Banco de Portugal and the European Central Bank.

FAQ

What are the key advantages of using Multibanco in online casinos?

Multibanco offers several benefits, including its widespread use in Portugal, high-security standards, instant transactions, and user-friendly interface. However, it is mainly available to Portuguese customers and typically supports deposits only.

How secure is Multibanco for online casino transactions?

Multibanco employs robust security measures, such as strong encryption protocols and two-factor authentication, thereby ensuring secure transactions. Furthermore, it does not share sensitive banking information with online casinos, which adds an extra layer of privacy.

Is Multibanco a licensed payment system?

Yes, Multibanco is licensed and regulated by the Bank of Portugal and also falls under the regulatory jurisdiction of Banco de Portugal and the European Central Bank as a part of the SIBS payment system.

How can one use Multibanco in online casinos?

Players with a Portuguese bank account can select Multibanco as their deposit method in an online casino's payment section. The casino will provide a transaction reference and an entity number, which players use to confirm their transactions through their online banking platforms.

You can purchase this product from SoftGamings by contacting our consultants.

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