New payment method for EU - Portugal: MBWay

[joaovarelas]

Payment methods are evaluated very carefully before being added to Bisq. Poorly integrating a payment method, or integrating a payment method that's not a good fit for Bisq's trading protocol, can be costly mistakes for Bisq's users and dispute resolution mechanisms.

As a result, we request that you add responses to the following questions so that we can better consider your suggestion.

Please answer to the best of your ability. The more thorough you can be, the more you'll help us out, and the quicker your suggestion can be evaluated and implemented.

Why

Why would Bisq benefit from adding this payment method? Is is popular in a particular region? More convenient? More safe?

• Probably the most used among portuguese citizens, to pay for services, purchases or just between friends.

Region

In which areas of the world can this payment method be used?

• Whoever has a portuguese bank account.

Currencies

What currencies is this payment method for?

• Euro

Chargeback risk

How easy is it to cancel a payment once it's made? This is the most important characteristic of a payment method.

• Chargebacks are processed by the bank(s).

Size of user base

Do you know how many people use this payment method?

• Est. 3 million users in 2020/2021

Data requirements

What information must a user provide to a counterparty to accept a payment?

• Phone number (+351 country code)

Verification

How can payments be verified? Examples: TLSNotary is typically used for electronic payments, and receipt scans are typically used for money orders.

• Using the MBWay mobile application.

Duration

How long do payments take? Please provide a range, as the advertised best-case scenario rarely accounts for edge cases.

• Instant

Fees

Does it cost anything to make a transfer using this payment method? If so, how much?

• No fees.

Fraud risk

How easy or difficult is fraud with this payment method?

• Difficult. Register MBWay account requires physical setup at ATM (multibanco) and a portuguese bank card, also phone confirmation.

Payment amounts

What is the minimum or maximum amount you can send with this payment method?

• Min: 1€
• Max: 750€ to 1000€

Payment description

Can a note be added when sending payment with this payment method (would be useful to include the Bisq trade ID)?

• Yes.

[pazza83]

Hi @joaovarelas thanks for posting this. I have added it to my list of payment methods to review for adding to Bisq

[joaovarelas]

Hello @pazza83 Thanks for your attention.

Any update on integrating this payment method?

Let me know if you need some references or docs about MBWay, Ill be happy to share with you (most of them should be in portuguese language).

Regards

[HostFat]

This can be a very welcome payment for the Portuguese community. I'm not portuguese, but as I saw here in Lisbon, this payment is very spread on the community.

[joaovarelas]

This can be a very welcome payment for the Portuguese community. I'm not portuguese, but as I saw here in Lisbon, this payment is very spread on the community.

Thanks for your feedback. Looking forward to see MBway accepted on Bisq.

Peach Bitcoin already supports MBway. (source https://docs.google.com/spreadsheets/d/1uqotdlQ1woALJnsLOJMwe21J4KvTvv3cnEqERqCUicg/htmlview#)