Opinion
The innovative application made in Portugal - MB Way, developed by SIBS - Interbank Services Company, was launched in 2015 with the aim of increasing the security and ease of making an online purchase. It allowed the association of a mobile phone number to the bank card. In 2016, it became part of MB Net and it was then possible to create virtual credit cards associated with the bank card, which was the great boom of the application since our bank card was not exposed on the internet in online purchases.
Nowadays, there is a wide range of operations possible with MB Way, from online payment with the mobile phone number and confirmation in the APP, contactless physical payments with NFC, payments with QR Code, withdrawals on the Multibanco network without a bank card, etc.
The latest innovation is the availability of “Authorized Payments” without the need for authorization whenever a recurring purchase or payment is made. This functionality is used in participating companies allowing “one-click” purchases at checkout once the system identifies the merchant, making it also possible to control costs in a simple way. For recurring payments for purchases or subscriptions, a monthly limit value can be established, requiring only a single authorization, operating in the case of subscriptions as a kind of direct bank debit.
For now, the pioneering companies that adhered to this new functionality are: Prozis, Zomato, Iberdrola, PCDIGA, BoL, Público, Forprint, Miio, Clubefashion, Saturday, Correio da Manhã, Jornal de Negócios, Record, GoldPet and Yves Rocher.
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