Portuguese Banks Cautious on BNPL as Spanish Rivals Go Free

While Spanish banks prepare to roll out free “buy now, pay later” (BNPL) options by late 2025, Portuguese banks remain conservative, sticking to credit card installment plans — often with interest, except during promotional campaigns.

Caixa Geral de Depósitos, Millennium BCP, and Santander all offer split payments via credit cards, occasionally interest-free through partner deals or seasonal promos.

Millennium’s pagaFlex and Santander’s PagaSIMPLES extend terms up to several years, but unlike true BNPL, most options still carry costs. Meanwhile, BNPL operators like Klarna and FLOA are gaining ground in Portugal with no-fee models funded by merchant commissions.