Payment instruments allow to transfer funds from a payment account or electronic money.
Over the past few years payment habits changed considerably in Portugal: electronic payment instruments gained importance (cards, direct debits and credit transfers) while cheques, on the contrary, declined significantly.
Structure of payment instruments’ use in 2015
The provision of payment services to bank customers is accompanied by the legal framework governing payment services and electronic money (Decree-Law No 317/2009 of 30 October 2009). This framework does not include payment transactions using cheques (autonomous framework) and in cash (banknotes and coins).
The legal framework governing payment services and electronic money regulates the taking up of the business of payment institutions and the provision of payment services. It also lays down the pre-contractual and post-contractual information requirements and the regulations framing the contractual rights and obligations of users and payment service providers.