MBnet is a type of online payment solution which is available for residents of Portugal only. MBnet links up a number of different banks in Portugal with a central network, the aim being that operating from one central network makes payments and transactions more convenient.
MBnet was established in the year 1985. At that time, this payment system consisted of a mere 12 ATMs linked to it. Today, MBnet has an incredible 11,000 ATMs attached to its system throughout the whole of Portugal, testament at just how rapidly this payment method has grown.
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What is involved in the MBnet system
People living in Portugal who use the MBnet system are given access to a credit card, not the plastic type of credit card but a virtual one. MBnet users can use either of two methods to make payments online and to deposit funds into their bingo accounts online. They can use their virtual credit card, which can be Visa, American Express or MasterCard. Which type of virtual credit card they use basically depends on the individual bank account they hold. When users use a virtual credit card to make transactions with MBnet, they work in the same way conventional credit cards operate.
One big plus point of the MBnet system is the fact that users can make withdrawals from their online bingo or casino accounts, a feature many payment methods don’t allow. Withdrawals work in a similar way to other systems, and involve the funds being credited onto the virtual credit card.
In order to get an account with MBnet, players need to go onto the MBnet website and register for an account. Once registered they can log on to the system. Players will need to state the amount of money they would like on their card. They are then sent a security number, which will be required when making payments and transactions with the MBnet system.