The company explained in a statement that this groundbreaking innovation will be made possible through the existing MB Way network.
It will function by allowing a national card holder to generate a code which they can then key into any Multibanco machine and then withdraw the amount required without introducing a bank card. This innovation will be available via the downloadable MB WAY app in the first quarter of 2017.
Once on the MB Way app, a customer will need to click on the card intended for use. The customer must then choose the withdrawals option, followed by the amount, after which a code will be generated. The operation is validated by the user’s MB WAY PIN or TouchID.
Once at a Multibanco machine, the customer will be asked to key in the code generated to complete the cardless cash withdrawal process.
SIBS has already been running this service in Poland since 2015 through the BLIK mobile payments solution that enables the deposit and withdrawal of cash without any card.
“This nevertheless represents another entirely 100 percent ‘Made in Portugal’ product, developed exclusively at SIBS”, the company said.
MB WAY, is reputed to be the most modern payments service in Portugal and has already notched up over 135,000 users.
In related news, SIBS revealed this week that its Multibanco network registered a 50 percent surge in business during the recent Lisbon Web Summit.
The company said a total of 230,000 operations were recorded for a total movement of 17 million euros.
Over the four days of the technology conference, which brought about 53,000 visitors to Lisbon, there were 49,000 cash withdrawals and 181,000 purchases with foreign cards in the Lisbon region.
Out of all the purchases in Lisbon (domestic and foreign cards) 22 percent were in restaurants and accommodation, which is also 21 percent more than the same time in 2015.
At the Web Summit venue alone, there were more than 6,000 withdrawals totalling €355,000.
SIBS also revealed last week that the Multibanco network reached a new monthly record with a total of 210 million transactions processed in July.
This number represents an increase of about 10 million transactions, or five percent growth, on the last monthly record registered in December 2014. In turn, there was a six percent year-on-year increase.
Besides the overall growth in operations, the number of Multibanco network purchases also reached a new record with nearly 79 million transactions, a three percent increase on the last record set in December 2014 and a rise of 13 percent on the same month of last year.