MB Way could be accepted Europe wide
Portuguese digital payments company SIBS says that a digital euro could pave the way for a European MB Way style service.
It would result from the cooperation and connection of various payment operators according to Teresa Mesquita, Chief Marketing and Product Officer of SIBS in an interview with the business daily Negócios.
“We have high expectations for what could be one of the possible paths — but it is not the only one — towards a greater integration of various European payment systems”, says Teresa Mesquita.
MB Way is a digital payments system whereby transfers can easily be made between customers and vendors and payments between individuals from one bank account to another via a mobile phone app associated to a phone number and debit card.
Up until now the service has only been available in Portugal and the idea is to make it available within the European Union by cooperating with other digital payments systems companies.
To achieve this the European Central Bank (ECB) would have to give the green light to the issuance of a digital euro which could “enable this type of interoperability”.
The integration of various systems is a hot topic in mobile payments and the idea is to make it possible to send money from a phone to a vendor or individual from one to another member State within seconds.
For the time being, and until a more definitive decision on the digital euro is made by the ECB (European Central Bank Digital Currency), work will continue on developing a European network that unites all MB Way type facilities in the euro area. “We continue to await developments”, says the SIBS boss.
MB WAY transfers are made through an App or MB WAY App. In order for service users to perform an MB WAY Transfer the recipient needs to have the service installed on their mobile devices. MB WAY Transfers have a limit of €750 per transaction, a maximum limit of €2,500 sent and received per month and a limit of 50 transfers received per month.