Hewlett-Packard Co. has entered into an alliance with the Portuguese payments network SIBS to market an electronic purse system internationally.

The SIBS Electronic Purse Management System underlies a two-year-old Portuguese smart card program, Multibanco, with 1.6 million cards in circulation and more than one million card-loading devices.

SIBS-Sociedade Interbancaria de Servicios-is the bank-owned association that operates the Portuguese automated teller machine and point of sale networks.

With SIBS adapting its system to other markets and Hewlett-Packard taking responsibility for system integration and operation, the companies delivered the purse management package this year to CECA, the Spanish savings bank confederation, for the euro 6000 multicurrency chip card. CECA said it expected to issue one million cards by yearend 1997 and 10 million within 10 years.

SIBS and HP began work on a similar project in Costa Rica in October.

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