REDUNIQ recorded a record value of €28,8 billion transacted on its payment acceptance network in 2023. In total, this represents an increase of €1,6 billion in purchases compared to 2022.

Since 2021, the Portuguese financial institution Unicre has been registering sustained growth in its physical and online payment acceptance business, reaching a total of 871 million transactions by 2023, equivalent to 28 transactions per second.

According to João Baptista Leite, president of Unicre, “ 2023 was undoubtedly an exceptional year for our acquiring business, resulting from the effort and commitment of every member of our company to expand, diversify and further retain our customer portfolio, as well as our ability to innovate by developing solutions that meet business needs and emerging consumer and payment trends .”

Unicre's business results in the "acquiring" area also stem from the progressive increase in Portuguese consumer confidence levels in 2023, which was reflected in a 10% increase in business revenue in Portugal compared to the same period of the previous year, according to REDUNIQ Insights, a Unicre report that assesses the evolution of card payments in Portuguese businesses. Also last year, the number of transactions increased by 15% compared to the same period of the previous year.

Despite this growth, REDUNIQ Insights highlights a slowdown in the growth rate throughout the year: at the end of the first quarter, the rate was 19% compared to the same period in 2022, while in the last quarter this value was only 8%.

Regarding billing generated by national cards, data obtained by Unicre shows a year-on-year increase in Portuguese consumption of 8%, accompanied by a progressive slowdown in growth rates, with October showing a year-on-year increase of only 2%. However, in the last two months of the year, with Black Month and Christmas, this trend of reduced growth was reversed, with rates returning to around 10% (9% in November and 8% in December).

According to Tiago Oom, Chief Commercial Officer of Unicre and official spokesperson for REDUNIQ Insights, “ 2023 can be summarized as a year of great resilience in consumption, which contrasts with a scenario of uncertainty justified by factors such as inflation, rising interest rates, unemployment, and youth emigration. However, it is important to look more closely at the data, which, despite showing an increase in the number of consumption moments, that is, 15% more transactions in 2023, does not translate into an increase in the volume of purchases, since the average value per purchase in Portugal was 4% lower than in 2022 – a reflection of the financial difficulties experienced by families throughout the last year, but rather an increase in the use of electronic and digital payment methods, which are already intrinsic to our lives .”

Foreign consumption

On the other hand, following the record achieved in 2023 in terms of the number of guests and overnight stays in Portugal, the revenue generated by foreign card spending was 18% higher than in 2022. In total, foreign card spending represented a quarter of the total billing volume recorded throughout 2023 in the REDUNIQ payment acceptance system. A more detailed analysis of performance throughout the year reveals an extraordinary start in 2023, with growth of 74% in January and 46% in February, followed by a loss of momentum for the rest of the year, with the summer months showing the least growth.

When analyzing the origin of foreign consumption in Portugal, REDUNIQ Insights places tourists from the United Kingdom at the top, representing 13% of total foreign revenue, followed by France (12%), Ireland (11%), the United States of America (10%) and Spain (7%).
Regarding the analysis of consumption by district, and contrary to what happened in 2021 and 2022 – years in which revenue growth was structurally more positive in areas with high tourist density – the year 2023 was characterized by more uniform growth rates in business consumption across the country's various districts. With the exception of the Azores (up 18% in revenue) and Madeira (up 14%), it was the districts with smaller tourist scales that showed the most significant growth rates, namely Bragança, Portalegre, and Viana do Castelo, with increases of 17%, 14%, and 14%, respectively.

By sector

At the sector level, the categories of accessories, automobiles and workshops (+22%), restaurants (+19%) and hairdressers (+17%) were those that obtained the greatest growth in turnover in 2023 compared to 2022. However, it was the hypermarket and supermarket category that obtained the largest share of turnover recorded in the Unicre payment acceptance network – approximately one third of the total. REDUNIQ data also reveals a sharp slowdown in business performance between the first and second half of the year, with the exception of pharmacies and gas stations.

Finally, REDUNIQ Insights assesses the evolution of the use of "contactless" technology in recent years. According to the most recent data, contactless payments now account for 81% of total transactions, a percentage that contrasts with the 16% recorded in 2019.