Pagaqui Portugal

What Pagaqui Portugal does

Pagaqui Portugal (legal entity PAGAQUI, SA) operates the largest dedicated cash-and-MBWAY payment-agent network in Portugal, with more than 2,500 physical agent points distributed across all 18 mainland districts plus the Madeira and Azores archipelagos. The company, founded in 2012 and headquartered in Porto with additional offices in Lisbon and Funchal, processes Multibanco-reference-based bill payments (electricity, gas, water, telecom, insurance), state tax payments (IMI, IUC, IRS, IRC, IVA), SCUT tolls and fines, mobile phone recharges (Vodafone/NOS/Lyca Mobile/Ding), transport pass loads (Navegante and regional operators), bus and event tickets (Rede Expressos, FlixBus, MEO Blueticket), prepaid SIM sales, and gaming/streaming/e-commerce voucher sales.

The underlying platform integrates with major Portuguese billers, mobile operators, transport authorities, and voucher issuers; agent points capture Multibanco reference data (entity, reference, amount) and accept either cash or MBWAY. In 2026, Pagaqui launched SmartEye, a computer-vision tool that automates invoice data extraction via smartphone or POS terminal cameras, marking its first AI-enabled feature. The company also offers a payer-facing web portal (comprar.pagaqui.pt) for direct voucher purchase and a partner portal (portal.pagaqui.pt) for agent operations.

Since 2024, Pagaqui has operated as a wholly-owned subsidiary of Grupo Eupago, which committed a €2.5 million investment over three years to expand the network. The revenue model is transaction-fee-based, with Pagaqui earning commissions on each transaction processed at agent points and capturing incremental value from the MBWAY acceptance enabled via Eupago's payment infrastructure. The company serves two primary customer segments: Portuguese consumers (3.5 million users, including the digitally excluded, elderly, immigrants, and cash-preference users) who access services at nearby neighborhood stores; and 2,500+ SMB agents (newsstands, kiosks, tobacco shops, cafés, petrol stations, mobile shops) who earn per-transaction commissions and use the network to drive foot traffic and cross-sell.

Name

Pagaqui Portugal

Legal name

PAGAQUI, SA

Website

https://pagaqui.pt

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Pagaqui Portugal operates a 2,500+ strong physical payment-agent network across Portugal, enabling Portuguese consumers to pay utility bills, taxes, tolls, mobile top-ups, transport passes, tickets, and vouchers in cash or via MBWAY at neighborhood shops.

Ownership category

akta.pro rank

Product category

Payment Agent Services

akta.pro primary industry

Marketplace / Platform Acquiring (PayFac & Sub-Merchant Management) (FSAMABAF)

akta.pro secondary industry

Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)

Keywords

• Bill payment network
• Payment agent services
• Mobile top-up services
• Transport pass loading
• Voucher and ticket sales

Headquarters

HQ city

Cascais

HQ country

Portugal

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Transaction commissions from agent network: Pagaqui earns a commission for each transaction processed at agent points. Types of transactions generating commission include: bill payments with entity and reference, state tax payments (IUC, IMI, IRS), transport pass top-ups and ticket sales, gaming and streaming voucher sales, hotel and flight voucher sales, and event/concert ticket sales.
2. Agent partnership fees and commercial arrangements: Pagaqui partners with Eupago and accepts MBWAY payments at all terminals, creating additional commercial value through expanded payment methods. Revenue is also generated from merchant partner acquisition and ongoing commission per transaction as agents bring new customers to the network.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Pagaqui operates a Portuguese payment agent network of more than 2,500 physical retail points where consumers can settle utility bills, telecommunications and insurance invoices, state taxes and tolls, mobile phone top-ups, social transport passes, intercity bus and event tickets, prepaid SIM cards, and gaming/streaming vouchers — all paid in cash or via MBWAY using Multibanco reference data (entity, reference, amount). Small and medium retailers are recruited as partner agents who earn per-transaction commissions and receive free installation, training, and a dedicated zone manager.

Product overview

Pagaqui operates a unified retail payments network platform connecting consumers with over 2,500 local partner points across Portugal. The core offering combines bill payment services (utility bills, telecom, insurance), mobile phone recharging, tax/government payments, and transport pass loading into a single service accessible in neighborhood shops. The platform extends through complementary modules for bus and event ticket sales, prepaid SIM cards, international bill payments, and voucher sales (gaming, streaming, e-commerce, travel). In 2024, Pagaqui joined the Eupago Group, which invested 2.5 million euros to expand the network. The company recently launched SmartEye, an AI-powered computer vision tool for automated invoice data capture, marking its entry into AI-enhanced services.

Differentiator

Problem solved

Functional benefit

Products and services

• Bill Payment Service Payment of utility, telecommunications, insurance, and online-purchase invoices at Pagaqui agent points using Multibanco reference data, settled in cash or via MBWAY; aimed at Portuguese consumers without easy access to bank branches or ATMs.
• Mobile Phone Recharging Cash and MBWAY mobile top-ups at agent points for Vodafone, NOS (including WOO), Lyca Mobile, YORN, WTF, and international operators via Ding; balance credited immediately.
• Tax and Government Payments Cash and MBWAY payment of state obligations including IMI (property tax), IUC (vehicle tax), IRS (income tax), IRC (corporate tax), IVA (VAT), Social Security contributions, and other state charges up to EUR 500.
• Toll and Fine Payments Payment of SCUT tolls, traffic fines, and other road-related charges at Pagaqui agent points in cash or via MBWAY.
• Transport Pass Loading Loading of social and metropolitan transport passes — including Navegante (Lisbon) and regional operators such as Guimabus, Aveirobus, Transdev, AVE, Cávado Mobilidade, Busway, and Covilhã Mobilidade — at Pagaqui points.
• Bus Ticket Purchase Purchase of intercity bus tickets for Rede Expressos and FlixBus, and Lisbon city tour tickets for Yellow Bus, at Pagaqui agent points.
• Event Ticket Purchase Sale of event and show tickets through the MEO Blueticket partnership at Pagaqui points, covering venues such as MEO Arena, festivals, museums, Lisbon Zoo, and Oceanário.
• Prepaid SIM Card Sales Sale of NOS and Lyca Mobile prepaid SIM cards with national and international data, SMS, and voice plans at Pagaqui points.
• Voucher Sales Sale at agent points and the comprar.pagaqui.pt online storefront of vouchers for gaming (PlayStation, Xbox, Steam, Nintendo, Roblox, League of Legends, Razer Gold), streaming (Spotify, Netflix), e-commerce (Amazon, Google Play, paysafecard), and travel (HotelGift, FlightGift).
• International Bill Payments Cash payment of energy bills from approximately 15 countries, including Mozambique, Guinea Bissau, Senegal, and Nigeria, at Pagaqui points in Portugal.

Quantifiable outcome

• More than 3.5 million Portuguese consumers rely on the Pagaqui network
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration41 records

AI capability2 records

Feature1 record

Partnerships

Ten partnerships are on record, tiered core and minor.

• Eupago / Grupo EupagocoreStrategic or Co-development Partner · 1 January 2024In 2024, Pagaqui was acquired by Eupago (Grupo Eupago) as part of a strategy to strengthen physical presence in the payments industry. Eupago invested 2.5 million euros to expand the Pagaqui network over three years. Through this partnership, Pagaqui terminals now accept MBWAY payments — Pagaqui became the first payment agent network in Portugal to do so, enabled by Eupago's infrastructure.
• MEO BlueticketcoreStrategic or Co-development PartnerPagaqui is a partner of MEO Blueticket, allowing customers to purchase tickets for major venues (Meo Arena), festivals, museums, Lisbon Zoo, Oceanário, and other tourist attractions at Pagaqui agent points. This partnership enables physical ticket purchases for customers who prefer not to buy online.
• Vodafone PortugalcoreTechnology or IntegrationVodafone mobile top-ups are available at all Pagaqui points. Pagaqui supports both cash and MBWAY payment for Vodafone top-ups. The YORN tariff (Vodafone sub-brand for under-25s) is also supported. A 0.50 EUR assisted top-up fee is charged by Vodafone.
• NOScoreTechnology or IntegrationNOS mobile top-ups and prepaid SIM card sales are available at Pagaqui points. Both NOS and its WTF sub-brand (for under-25s) are supported. A 0.80 EUR assisted top-up fee is charged by NOS.
• Rede ExpressoscoreChannel Partner/ Reseller/ DistributorBus tickets for Rede Expressos (major intercity bus operator in Portugal) can be purchased at Pagaqui agent points. This allows customers without online access to buy bus tickets at local shops.
• FlixBuscoreChannel Partner/ Reseller/ DistributorFlixBus bus tickets are available for purchase at Pagaqui agent points alongside Rede Expressos, providing customers with multiple intercity bus options in a single network.
• Yellow Bus LisboaminorChannel Partner/ Reseller/ DistributorYellow Bus Lisbon city bus tour tickets are available at Pagaqui points, part of the broader transport and tourism service offering.
• Transportes Metropolitanos de Lisboa (TML)coreTechnology or IntegrationPagaqui enables loading of the Navegante pass (Lisbon metropolitan transport card) at agent points in the Greater Lisbon area and surroundings. Supports both Municipal and Metropolitan Navegante passes, valid on Metro, buses, CP urban trains, Fertagus, Transtejo Soflusa boats, and various rodoviárias.
• Águas de Barcelos, Águas da Marinha Grande, Águas de Peniche, Águas de Abrantes, Águas de Vila Franca de XiraminorStrategic or Co-development PartnerWater and sanitation companies with active partnerships with Pagaqui, enabling bill payments at agent points. In municipalities with these partnerships, customers only need the invoice reference to make a payment without needing the full Multibanco reference.
• CP - Comboios de PortugalminorChannel Partner/ Reseller/ DistributorUrban train tickets for CP (Comboios de Portugal) can be purchased at Pagaqui points as part of the transport ticketing service.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Paysera: Paysera is a European fintech that offers payments, currency exchange, and bill payment services across multiple countries. It overlaps with Pagaqui in payment facilitation and multi-country bill payment use cases, though it is more digital-first.
• Paytm: Paytm operates one of the largest bill payment and mobile recharge agent networks in India through retail merchants. It is comparable to Pagaqui in transaction types (recharges, utilities, taxes) and agent-led distribution, though at vastly larger scale.
• Wave (Wave Mobile Money): Wave operates a mobile money agent network across Senegal, Côte d'Ivoire, and other African markets with a model closely analogous to Pagaqui's: cash and digital top-ups, bill payments, and voucher sales at neighborhood retail agents.

Direct peers

• Payshop: Payshop is Portugal's incumbent bill payment agent network, processing utility, telecom, and tax payments at retail points. It is the most direct competitor to Pagaqui, offering essentially the same cash-based payment service to the same consumer base across Portugal.
• PayPoint: PayPoint is a UK-listed agent network that processes bill payments, top-ups, and Parcels at convenience retailers. It is the closest international analog to Pagaqui's neighborhood-retailer agent model and offers a benchmark for unit economics and network density.
• M-Pesa (Vodafone / Safaricom): M-Pesa is the leading mobile money agent network globally, enabling cash-in/cash-out and bill payments at retail points. Its agent-based cash distribution model is structurally similar to Pagaqui's, especially relevant given Pagaqui's Vodafone partnership for mobile top-ups.

Broad incumbents

• CTT - Correios de Portugal: CTT is the Portuguese national post office, which offers bill payments, tax payments, and toll payments at its branch counters nationwide. It competes with Pagaqui for cash-based payment services and is a structurally entrenched incumbent in the same addressable use cases.
• SIBS (Multibanco): SIBS operates the Multibanco ATM network that is the underlying infrastructure Pagaqui leverages via entity/reference/amount data. As the dominant Portuguese payments operator, it represents both a dependency and a broad incumbent competitor across Pagaqui's bill payment use cases.
• Euronet Worldwide: Euronet operates EFTPOS and ATM networks alongside a global money transfer and bill payment business (RIA, xe.com). It overlaps with Pagaqui in agent-based cash payment services, particularly for cross-border and emerging market flows, and is comparable as a broad payments incumbent.
• Worldline: Worldline is a major European payment processor and merchant acquirer offering omnichannel payment acceptance. It competes at a different layer (processing/acquiring) but is comparable as a broad European payments incumbent relevant to Pagaqui's Portuguese footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/pagaqui
• Instagraminstagram.com/pagaqui_oficial
• Xx.com/PagaquiPortugal
• LinkedInlinkedin.com/company/pagaqui-s-a-

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pagaqui Portugal