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.

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