Small in size but rich in history… You guessed right. Our topic today is no other than the vibrant European country, República Portuguesa! Officially named the Portuguese Republic, Portugal is located on the Iberian Peninsula of Southwestern Europe and is one of the oldest nations in Europe.
“Any Portuguese town looks like a bride’s finery – something old, something new, something borrowed, and something blue,” says Mary Mccarthy, the famous British writer.
This is a magnificent country with fantastic history and super friendly people. With its notorious coastlines, unique Algarve, and vivid Lisbon, the City of the Seven Hills, attracts millions worldwide through its dynamic Fado music, colourful buildings, and iconic yellow trams passing around stunning landmarks.
The Portuguese lands have been invaded and fought over since prehistoric times. They hosted some of the most noteworthy nations, from the Celts to the Romans. Portugal is the record winner for having the shortest and longest-reigning monarchs in the world. The longest is Henrique of Portugal, the country’s king, for more than 73 years. In contrast, Luis Filipe is the shortest-reigning king at only 20 minutes. Sadly, Luis Filipe was assassinated and killed after his father, King Carlos.
Moving forward, did you know that Portugal decriminalised all drugs in 2001? It is the first country in the world to do so. Possession and personal use of all medications, including meth and heroin, is legal by law. At the same time, trafficking is still a criminal offence. Contrary to popular belief, this did not lead to a tremendous rate of drug usage in Portugal. In fact, the country now has some of the lowest drug usage rates among the countries in the European Union. What is the life lesson here? Maybe banning something is not the best solution to fight against it.
As we all learned in history lessons, Portugal was mighty, and the country once owned half of the “New World”. In 1494, Portugal was given the eastern half of the New World, including Brazil, Asia and Africa. Due to the country’s ambitions of raiding and ruling the rest of the world, the Portuguese language became the lingua franca of the 15th century.
Today, Portuguese is the official language of nine other countries, including Angola, Brazil, Cabo Verde, East Timor, Equatorial Guinea and Guinea-Bissau, which makes it the sixth-most spoken first language in the world with around 250 million speakers.
The Portuguese economy has been expanding continuously in the last decade, and most trades are made with the countries in the European Union. Since Portugal has a steady economy, the government provides high living standards to its citizens. While the minimum wage in Portugal adequately covers basic living expenses, it is still listed as one of the happiest countries, according to the statistics.
The people of Portugal are also friendly and welcoming towards foreigners. This makes the beautiful country an excellent destination for people worldwide to move and create a better life for themselves. Portugal also offers free healthcare for those under 18 and over 65.
Portugal’s statistical ranks are highly accurate regarding democracy, human rights, stability, social progress, wealth, health coverage, and proficiency in English. In addition to the warm attitude of lovely Portuguese folks, this country is a land to work with, operate and reside in.
Are you looking forward to visiting Portugal or moving there as a digital nomad or an entrepreneur relying on the country’s bright potential to become more successful day by day? The most prestigious digital nomad blog, By Digital Nomads, points out that Lisbon has jumped to the number one spot in the competitive list of best destinations for digital nomads and expats to live.
In the rest of this handy article, our readers will find the preferred payment methods and practices in Portugal to glimpse the possibilities they can use with their swings and roundabouts.
Choosing Payment Methods in Portugal
Apart from the highly intriguing Portugal facts, let’s learn more about the daily routine in payments regarding online and physical money transfers. In this aspect, Portugal is no different from most European countries. The most commonly used payment option in Portugal is credit cards, predominantly used for small transactions.
What are the Different Types of Payment Methods in Portugal?
As payment practices evolve in the world, so do the payment practices in Portugal. People are shifting toward more technological payment options and leaving cash slowly behind.
- Credit Cards in Portugal
Card usage is high in Portugal and has a history of over 30 years. The country has 29 million debit and credit cards in circulation, which makes up around 83% of all transactions. The most commonly used payment method is MultiBanco, a local debit card. The major credit and debit cards such as Visa, Maestro and MasterCard are also widely used.
After the Covid-19 outbreak, Portuguese people started shopping online frequently, creating an even greater usage of credit cards due to many online payments. You can use cards almost everywhere around the country. Suppose you use a major credit and debit card vastly accepted worldwide. In that case, you should not have any problem in Portugal.
- Cash in Portugal
Cash is still widely used in Portugal. The country’s official currency is Euro, and you can withdraw Euros from ATMs on any corner. While credit and debit cards are prevalent, Portugal has no plans to go cash-free soon. Likewise, what is better than paying for your coffee in a small coffee shop in Lisbon using cash? Go for the authentic experience!
- Digital Wallets in Portugal
Digital wallet usage in Portugal has become increasingly popular in Portugal. Since people are more online nowadays, they have started looking for more convenient and secure ways than paying with their credit cards online. Digital wallets can be considered the best payment method online thanks to the security and fast transaction time they offer. A shift looks inevitable, with more digital wallet options appearing for Portuguese people.
- Cryptocurrency in Portugal
Portugal is a cryptocurrency-friendly nation that encourages the usage and trading of coins. The country became an excellent example for all countries by uplifting entrepreneurs and investors from all over the world to make their trades in Portugal and not tax them for crypto assets that they earn. Gains made from owning and selling cryptocurrencies are not taxed in Portugal.
You can safely open an account and buy, sell and trade coins without any issue. This is an ideal step from Portugal since the cryptocurrency trend in the world does not look like it will fade soon. Any country that keeps up with the modern way of living wins.
Jeton Wallet in Portugal
Years ago, when we were doing our ground analysis to enter the Portuguese market, we fell in love with Portugal and Portuguese culture at first sight. You probably think the reason is the delicious Pastel de Nata or mesmerising blue Azulejo tiles. OK! Maybe a little bit! But there is something magical about Portuguesa. Something fascinates you and keeps your heart in it.
During the long years of serving the smoothest and safest online payment method for the residents of Portugal, our purposive digital wallet, Jeton Wallet, has mingled with Portuguese culture and learned to see the market from the perspective of consumers.
In contrast with traditional banking services at a snail’s pace and requiring applications in person, Jeton Wallet accounts can be created by visiting jeton.com. After some clicks and a few minutes, your Jeton account with a EUR IBAN will be ready to use. Then, you can send money overseas and schedule your automatic payments. Plus, satisfactorily of all, all these services will cost you nothing or a meagre transaction fee.
The good news is we have added the Multibanco option among Jeton Wallet payment methods this year. Therefore, in addition to our hassle-free digital wallet services, our users can take advantage of an extensive network, including more than 12,000 Multibanco ATMs over Portugal, to load or withdraw on their Jeton accounts.
Moreover, Jeton Wallet provides a Visa-based debit card, Jeton Card, featured in physical stores and online shopping sites. Directly linked to the Jeton App, you can easily monitor your transaction history and transfer over 50 fiat currencies overseas. Every transaction will be recorded simultaneously so as not to lose track of money. You only need to download the Jeton App, which is compatible with Android and iOS.
Join the Jeton community today to meet our innovative and avant-garde online payment services. We assure you to level up your entire online experience beyond your expectations! Together we are more potent than ever!