Gaming in Portugal and mobile payments through MB: Way
Europe has been a long-time hotspot for gambling with both online and offline players keeping the growth of the industry running at a rapid rate. Another growing industry in the region is digital stores, supported by payment service providers that make online payments accessible to customers. Among them, one example of popular alternative payment methods is MB: WAY, a service in Portugal with around 5 million registered users and around 95% coverage throughout the country.
MB: WAY has focused on becoming a solution trusted by most of Portugal when it comes to digital transactions. Rolling out new alternative payment methods such as QR Codes and NFC capabilities, service is expanding and so does its usage for online payments. This review will focus on the use of MB: WAY for iGaming payments and what businesses should expect from this payment gateway for online casino services.
What is MB: WAY?
MB: WAY is a service founded by SIBS Multibanco and is compatible with 28+ banks situated in Portugal for online and onsite payments. Through the use of the customer’s mobile number, transactions are confirmed with unique reference numbers per transaction. Another key feature of this payment method is its capability to connect users online through MULTIBANCO’s point-of-sale cashiers and virtual MBNET cards.
For users, experience of making online payments involves selecting MB: WAY as their preferred payment method upon checkout. From there, users should enter their Portuguese mobile number to receive a reference number unique to the transaction. Users will then have to log in to the MB WAY mobile app and check for a push notification with the same reference number as the one on the merchant checkout page. They can confirm the transaction through their PIN code.
Fees for users are limited to a daily cumulative amount equating to 1000 Euros which can be adjusted up to 5000 Euros on the mobile app. Withdrawals can be made for free, but bank transfers are subject to fees with variable rates depending on the chosen bank network.
Overall, the process is made simple with its integration of a payment gateway relying on the service’s phone app. There are also other options, such as using QR codes to avoid being redirected to the mobile app. Alternatively, users can complete transactions through their NFC devices. The latter is a new release from the company and is meant for clients who do not have internet access as reliable as other users.
Why use it as a business owner?
With all sorts of alternative payment methods available on iGaming websites, using a local provider that’s trusted by the market can be a good sign of legitimacy. Popular with younger audiences with usage rates of 57%, it can help introduce new clients into the gambling ecosystem leading to a rise in iGaming payments.
Aside from checking for an iGaming license, local and international gambling software developers are more willing to work with businesses that can guarantee payments for their work. This service offers “Authorized Payments”, a feature that can help automate online payments and give managers flexibility with the time saved manually dealing with recurring expenses. All this creates a comprehensive experience for both sides of the e-commerce market that improves the way iGaming payments are made.
Advantages:
- Few redirects are required to complete the transaction; confirmation is based on the mobile application;
- Wide reach into Portugal and its digital market with 47% of merchants accepting it;
- Integration of payment gateway is supported by clear API documentation.
The company operating MB: WAY has been serving in Portugal since 1985 and has built up the infrastructure to support its digital efforts. Payment options like these give businesses a way to leverage their reach and popularity, thanks to the trust the brand has built. Its mobile application also focuses on minimizing the number of redirects needed to send and receive funds, furthering the experience of iGaming payments, and making transactions simpler to understand for both customers and businesses.
For developers, many documents and write-ups exist on how to go about the integration of payment gateway services for online payments. Compared to other reviewed wallets and digital services, the amount of documentation available online is quite numerous and of great help to customize the checkout process.
Disadvantages:
- No publicly discussed plan to expand services to other territories;
- Only accepts Euro as its default currency;
- Mobile UI might be confusing to some.
Integration of payment gateway solutions requires the payment UI to be transparent and intuitive — able to guide users to the exact option they are looking for. However, some reviews of the mobile app have complained about the UI being too small or clunky compared to similar apps. As a payment gateway for online casino players, it is limited to users in Portugal and those with Portuguese mobile numbers with currencies accepted for iGaming payments being limited to Euro.
Conclusion
As a local option, MB: WAY can be a great method to enter Portugal as a gambling operator once the iGaming license is cleared and payments start coming in. The wide variety of options, available to registered users, helps prevent abandonment at the checkout page. Customer loyalty is another benefit as the localized experience helps bridge the gap between customers and the business with chances of returning players in the future.
Its disadvantages mostly focus on its limited growth opportunities outside of the country with no discussed plans yet to expand services outwards. It serves well for online payments but a business should look into covering all its bases when looking for higher conversion rates and sales.
Looking for the right payment method to grow your player base? Want to discuss improvements to the UI of your checkout page? Monoup has a lot of tools and experience needed to show you all the options available to you and your business. Check out our online website and see how you can schedule consultations with us for payment flow and routing solutions!
