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In Portugal, online banking has dramatically increased during recent years. Its penetration rate increased from 25 percent registered in 2012 to over 65 percent recorded in 2025. Despite a fluctuation in 2013, the penetration of online banking has been growing steadily. The most intense increase occurred in 2018, when online banking users rose from 31 percent of respondents in the previous year to almost 39 percent.

Digital banking is on the rise in Portugal

Traditional approaches to banking are currently challenged by digital forms of dealing with financial matters. Apart from financial transactions through the internet, conducting banking affairs using a mobile device, such as a smartphone or a tablet, has become very popular in Portugal, with 67 percent of people using this service in 2024. Mobile banking has been incentivized by the advent of MB Way, a service that uses mobile phone numbers to make transactions, and whose users have been growing recently. Another factor fostering the growth of online banking in Portugal is the growth of neobanking users, which were forecast to be more than 1.9 million by 2025. 

Digital payments are preferred in Portugal

Almost half of the Portuguese stated in 2024 that they could imagine themselves dealing with financial transactions exclusively via their smartphone, while a slightly smaller share of people stated the same for online banking. The adherence of consumers in Portugal to online forms of banking is attested by their payment preferences. In 2024, the majority of people in the country preferred digital forms of payment, while only 18 percent of people had cash as their favorite form of payment.