PPRO, MBWay, Portugal, Digital payments Digital payments provider PPRO has expanded its coverage of the Portuguese market by integrating mobile wallet provider MB WAY onto its platform. This development comes as a result of PPRO’s long-standing partnerships with parent firm SIBS and Deutsche Bank Portugal.
MB WAY enjoys a large consumer base of over 4.5 million users and a 45% market share of national e-commerce transactions. As a result, many payment service providers (PSPs) and their merchants that want to expand in the Portuguese market offer MB Way as a payment method at checkout.
According to PPRO data, the Portuguese e-commerce market, currently worth $13.9 billion, is expected to grow to $22.6 billion by 2026. For online merchants wishing to tap into this vast growth, it is paramont to create a seamless payment experience as per Portuguese consumer’s expenditure.
James Booth, VP, Head of Partnerships EMEA at PPRO said, “Portugal offers PSPs and their merchants a solid opportunity to tap into a booming e-commerce market, and we are excited to have integrated MB WAY onto our platform.”
“At PPRO, we are committed to building the most extensive digital payments infrastructure to support PSPs and merchants in gaining access to new cross-border markets and customers. Our digital payment methods offering is accessible through a new orchestration layer which means our customers can seamlessly optimise and scale their payment services as required.”
Miguel Santos, VP, Corporate Coverage at Deutsche Bank Portugal, said, “Powered by PPRO’s digital payments infrastructure, Portugal’s leading digital payment method MBWay will now reach the global e-commerce ecosystem and generate more opportunities for merchants. We’re delighted to be supporting MBWay on their cross-border expansion journey.”
In 2021, PPRO achieved unicorn status after raising $270 million from JP Morgan, Eldridge, Eurazeo Growth, Sprints Capital, and Wellington Management. Earlier this year, the company acquired Alpha FinTech, a next-gen payments technology company, in a deal expanding its offering and networks globally.