Multibanco is based on a complex system of automated teller machines (ATMs) in Portugal. It only serves those living in Portugal. The company that runs Multibanco, Sociedade Interbancária de Serviços SA actually launched its complex network in 1985 beginning with just 12 machines. Now, there are over 11,000 machines available in Portugal. It links roughly 27 of the major banks in Portugal. These machines can be found in supermarkets, shopping malls, stations, airports, museums, and banks. It is now one of the largest payment processors in Europe.
This payment system includes payment processing and withdrawals from its numerous ATMs throughout the country. They also offer a pay-by-phone option and clearing services for checks and cards. The company has issued over 19 million cards, all of which are still in circulation today.
This system actually allows user to pay bills like gas, telephone, and electricity through their network of ATMs. Users utilize information provided on their bill to key into the ATM to make a payment. Users even get a printout confirming that their transaction is complete right at the ATM. Users can even purchase items like movie tickets, pay their income taxes, and recharge mobile phone credits. They also have traditional ATM functions like check balances, transfer from one account to another, or deposit checks.
How to deposit with Multibanco?
Multibanco provides virtual credit and debit cards for online gamers and gamblers. These virtual cards can be used for online purchasing as well. They are accepted anywhere that Visa and Mastercard are accepted. Users just have to go to Multibanco’s website to purchase these virtual cards. Users do have to register with Multibanco to be able to obtain a card. Then, when the gamer or gambler wants to deposit funds into the online casino, they just have to provide the Multibanco card information. Users get to choose the lifetime of the card, and none of the payment details are shared with the online game or casino. Card limits can also be imposed, as set by the purchase value of the card.
Portugal was recently listed in a poll of European Banks as having one of the highest percentages of card purchases, partially thanks to Multibanco, but also having one of the lowest rates for incidents of fraud.
If the user connects the card to the Multibanco system, then they can also use all of the benefits associated with using the Multibanco ATMs. This includes the ability to withdraw funds directly from the ATM. There is a daily use limit on cards of 400 Euros. Users must set up a secret pin and three failed attempts to use the pin will lock the account. The ATM will keep the card if the secret pin fails three times in a row.
Advantages of Multibanco
The depositing process for online games and casinos is relatively easy and quick. The process is virtually instant after setting up this payment method for the first time. The virtual credit or debit card can be used anywhere that Visa and Mastercard are accepted, including other online merchants. Users also have access to a complex system of ATMs that make paying other bills simple and convenient. Users also have the benefit of using a very secure and trustworthy system that has been helping customers for roughly 30 years.
Disadvantages of Multibanco
The daily withdraw limit may be a disadvantage, but really the only true disadvantage is that this payment method is only available to those in Portugal. It seems like the user must have a bank account at one of the major banks to use this system as well, but keeping gambling funds separate from a normal bank account seems like a possibility if the online gamer or gambler would like to do that.