andIn this regard, there is recent news that SIBS – the manager of the Multibanco network and the MB Way service – intends to allow the latter to link to payment accounts, in addition to the already existing solution of linking to payment cards, which has led Deco – the Portuguese Consumer Protection Association to warn of the risks of increased commissions in this new system of transfers between accounts.
In response to a question from Lusa, ADB responded in writing that the institution is “monitoring the issue and assessing the related impacts.”
On Thursday, also in response to Lusa, the Economy Ministry also said it was monitoring the case “closely” to “ensure that the interests of consumers are defended,” acknowledging that the legislation in force had been amended.
“With regard to consumer protection policy, the Ministry of Economy, through the General Directorate of Consumer Affairs, is closely following the issue of commissions and will cooperate with the supervisory authority, in particular by participating in the Payment Systems Forum, with the aim of ensuring the protection of consumer interests,” he said.
According to him, this monitoring includes “assessing the need for possible amendments to existing legislation.”
On Wednesday, Decaux expressed her “concern” about the “risk of increased commissions” in the “MB Way” service following the new system of transfers between payment accounts, and announced that she had sent a letter to the Ministries of Economy and Finance “requesting an urgent assessment” and intervention to adapt the legislation and maintain proportionality in the commissions applied to MB Way transfers.
“Linking MB Way to accounts will mean that transfers between users will be considered instant transfers,” and for this reason “they may be subject to the pricing applicable to these transfers and not subject to the restrictions applicable to transfers between cards, as is the case with the current rate, and in the event of exceeding free transactions, 0.2% in the case of a debit card and 0.3% in the case of a credit card,” the association explained in a statement.
If this is the amount charged for MB Way transfers between accounts, Deco highlights that it would be “a significant increase in commissions for what is an average MB Way transfer value of around €40, close to 10 cents to 80 cents or more per €1”.
He stresses that “this value would be totally disproportionate, contrary to legislation, and harmful to the interests of consumers in the MB method, a product well received and adopted by the Portuguese, and to which the application of disproportionate commissions must be avoided.”
Read also: DECO warns of the risks of increasing commissions on MB Way
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