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Greece

Greece

Greece is a developed country in the EU and is highly dependent on its service sector as well as its tourism sector in order to gain profits. After going through a large economic boom from the 1950s to the 1970s as well as somewhat high GDP growth in the early to mid 2000s, Greece’s economy took a turn for the worse and struggled intensively, primarily due to the Great Recession, the Euro crisis as well as its own debt crisis.

National debt within the country saw significant gains over the past decades, however roughly came to a halt due to financial rescue packages issued from the European Union in order to help Greece maintain and improve their economical situation. The nation’s continuous rise in debt has overwhelmed its estimated GDP over the years, which can be attributed to poor government execution and unnecessary spending. Large sums of financial aid were taken from major European banks to help balance out these government-induced failures and to potentially help refuel the economy to encourage more spending, which in turn would decrease the country’s continuously rising unemployment rate. Investors, consumers and workers alike are struggling to see a bright future in Greece, whose chances of an economic comeback are much lower than that of other struggling countries such as Portugal and Italy. However, Greece's financial situation might improve in the future, as it is estimated that at least its national debt will decrease - slowly, but steadily. Still, since its future participation in the European Union is in limbo as of now, these figures can only be estimates, not predictions.

Economy in Greece:
Greece is a country located in southeastern Europe with a population of approximately 10.4 million people. It has a mixed economy with sectors such as tourism, shipping, agriculture, manufacturing, and services. However, Greece faced significant economic challenges in recent years, including a financial crisis that began in 2009. Despite the challenges, Greece is still considered an important market within the European Union. No wonder the revenue generated by the eCommerce market is expected to surpass USD 4,000 million by 2023 and USD 6,000 million by 2027 at a CAGR of 9.81%. The market size of credit card payments in Greece continued to increase in 2020, as consumers now made 16 transactions per capita. Whilst the country does not rank as one of the most cashless societies in Europe, estimates state that it does use credit cards more often than other countries. For example, the per capita use of credit cars in Greece in 2020 outranked that of France in the same year. In addition, Greece is a popular holiday destination for locals and foreigners. According to our data, the number of transactions conducted in 2018 with payment cards issued by non-resident payment service providers ( ) amounted to 70.6 million (ten percent of the total number of payment card transactions), whereas the number using payment cards issued by resident amounted to 655 million (ninety percent of the total number of payment card transactions). While Greece initially used to have a cash-based economy, similar to several other countries, alternative modes of payment have become popular over the years. Thanks to the rising internet penetration and booming eCommerce. For instance, in 2021, 26% of online payments were made using digital wallets, followed by cards at 13% and 13 percent of online purchases, respectively. According to a January 2021 study, more than half (54 percent) of online purchases in Greece were paid for in cash. Credit cards per capita in Greece decreased to reach a value of 0.3 cards per person in 2020. Debit cards were found more often in the country, as debit card penetration reached around 1.5 that year. The numbers provided are estimates, based on the figures central banks have to supply. Owning a payment card does not immediately indicate it gets used often, as there are large differences within Europe when it comes to the use of certain payment methods.

The market size of credit card payments in Greece continued to increase in 2020, as consumers now made 16 transactions per capita. Whilst the country does not rank as one of the most cashless societies in Europe, estimates state that it does use credit cards more often than other countries. For example, the per capita use of credit cars in Greece in 2020 outranked that of France in the same year.

In addition, Greece is a popular holiday destination for locals and foreigners. According to our data, the number of transactions conducted in 2018 with payment cards issued by non-resident payment service providers ( ) amounted to 70.6 million (ten percent of the total number of payment card transactions), whereas the number using payment cards issued by resident  amounted to 655 million (ninety percent of the total number of payment card transactions).

While Greece initially used to have a cash-based economy, similar to several other countries, alternative modes of payment have become popular over the years. Thanks to the rising internet penetration and booming eCommerce. For instance, in 2021, 26% of online payments were made using digital wallets, followed by cards at 13% and 13 percent of online purchases, respectively. According to a January 2021 study, more than half (54 percent) of online purchases in Greece were paid for in cash.

Credit cards per capita in Greece decreased to reach a value of 0.3 cards per person in 2020. Debit cards were found more often in the country, as debit card penetration reached around 1.5 that year. The numbers provided are estimates, based on the figures central banks have to supply. Owning a payment card does not immediately indicate it gets used often, as there are large differences within Europe when it comes to the use of certain payment methods.

Currency:
EURO

Top banks

In Greece, the banking sector is dominated by a few major banks. Here are some of the top banks in Greece:

National Bank of Greece

National Bank of Greece (NBG): As the largest bank in Greece, NBG provides a wide range of banking and financial services to individuals, businesses, and institutions.

Piraeus Bank

Piraeus Bank: Piraeus Bank is one of the largest banks in Greece and offers a comprehensive range of banking products and services, including retail banking, corporate banking, and asset management.

Alpha Bank

Alpha Bank is a prominent Greek bank that provides a variety of financial services, including retail and corporate banking, investment banking, and asset management.

Eurobank Ergasias

Eurobank is a leading Greek bank with a strong presence in retail banking, corporate banking, and wealth management. It offers a range of financial products and services to individuals, businesses, and institutions.

Attica Bank

Attica Bank is a Greek cooperative bank that focuses on providing retail banking services to individuals and small businesses. It operates a network of branches throughout Greece.

TEADY

National and Kapodistrian University of Athens Employees' Provident Fund (TEADY): TEADY is a pension fund that operates as a banking institution in Greece, offering various financial services to its members.

Pancretan Cooperative Bank

Pancretan Cooperative Bank is a cooperative bank based in Crete, Greece. It serves the local community by providing retail banking services and supporting local businesses.

Cooperative Bank of Chania

The Cooperative Bank of Chania is a cooperative banking institution that primarily serves the residents and businesses in the region of Chania, Crete.

Cooperative Bank of Thessaly

The Cooperative Bank of Thessaly operates as a cooperative banking institution, offering retail banking services and supporting the local economy in the region of Thessaly.

Cooperative Bank of Serres

The Cooperative Bank of Serres is a cooperative banking institution that provides financial services to individuals and businesses in the region of Serres.

Top payment methods

Concluding remarks

Cash

According to a January 2022 study, half of online purchases in Greece were paid for in cash. Cash and digital wallets followed, used to complete 24 percent and 16 percent of online purchases, respectively.

Credit card

Credit card figures in Greece reached over 2.5 million in 2019, a slight decrease from previous years. They made up roughly 15 percent of payment cards. Debit cards were found more often in the country, as there were over 13 million of these cards in 2019. The numbers provided are estimates, based on the figures central banks have to supply. Owning a payment card does not immediately indicate it gets used often, as there are large differences within Europe when it comes to the use of certain payment methods.

PayPal

PayPal – PayPal is a popular option for online shopping in Germany. Users can link their bank account or credit card to their PayPal account to facilitate online payments.

‍Apple Pay and Google Pay

Apple Pay and Google Pay – These mobile payment methods are becoming increasingly popular in Germany, allowing users to pay with their smartphones at establishments that accept these options.

About us

Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life. 


We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.

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