Releasing a National Strategy for Retail Payments in Portugal: Foresight of Medium-Term Evolution

Posted on Dec 16, 2020 by Rui Pimentel, Head of Unit, Payment Systems Department, Banco de Portugal

The launch of the National Strategy for Retail Payments | Horizon 2022 represents the start of a new phase: implementing a wide range of initiatives to modernise the national market and payment habits within the next two years.

The evolution of retail payments is strongly influenced and correlated with a deeper usage of digital solutions and a marked evolution of the behaviour and expectations of users, as a result of available technology. Against this background, and to respond to the challenges posed in the national retail payments market, the Payment Systems Forum, a consultative body chaired by Banco de Portugal, developed the National Strategy for Retail Payments | Horizon 2022.*

In accordance with the mandate of the Payment Systems Forum, and aligned with best practices adopted by similar committees in other jurisdictions, the launch of the Strategy looks to promote an integrated approach regarding the availability of payment solutions in the national market, putting together the supply and demand sides and perspectives in a balanced, combined way. Apart from the fact that the needed commitment was achieved between the Forum’s member entities about the Strategy contents, additional inputs were also sought and gathered from other market players through a public consultation between 25 March and 15 May 2020.

This initiative will now serve as the basis for market evolution at a national level in the medium term, acting on specific areas and promoting a cooperative environment between relevant agents and stakeholders. The document includes the formulation of common positions acting on broadly consensual areas, as well as the definition of priorities. It additionally establishes concrete measures that, as a whole, are seen as a contribution towards the overarching goals, also taking into account the envisaged evolution in the European context.

The Strategy establishes a number of actions to be prioritised to pave the way for ...

* Full content currently published in Portuguese only.

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