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Payment instruments

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 2022

The provision of payment services to bank customers is regulated by the legal framework governing payment services and electronic money, set out in Decree-Law No 91/2018 of 12 November 2018, transposing into Portuguese law Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market (revised Payment Services Directive – PSD2). This framework does not include payment transactions using cheques (regulated by an 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.