Explore the dynamic landscape of the Cards and Payments market in Portugal. Gain insights into trends, digital innovations, and regulatory shifts shaping the financial transactions landscape in this vibrant European market. 

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The key payment instruments in the Portugal cards and payments market are cash, cards, credit transfers, direct debits, and cheques. In 2022, cash was the major payment instrument followed by cards and credit transfers. Cash is the most widely used payment instrument, favored by consumers for low-value transactions. However, with growing adoption of electronic payments, it is estimated that the share of cash within total payment transaction volume will decline. The COVID-19 pandemic has prompted consumers to avoid cash in favor of alternatives perceived to be safer, such as contactless cards.

The annual value of card transactions in the Portugal cards and payments market was $114 billion in 2022 and is expected to achieve a CAGR of more than 6% during 2022-2026. Cash is the most preferred method of consumer payment in Portugal. However, the Portuguese are increasingly adopting payment cards, resulting in a rise in overall payment card penetration and usage in the country.