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Greece Cards & Payments Market Report

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  • Published Date: September 2022


This Greece cards and payments market research report from Argus Advisory Research provides a detailed analysis of market trends in the Greece cards and payments industry.
This 2022 market report supplies a detailed overview of Greece's cards, payments and consumer banking industry, with expert comments supported by accurate data.
It contains values and volumes for key performance indicators for the Greek cards market, e-commerce, finch and mobile payments, credit card profitability, card networks, card issuers, merchant acquiring and the regulatory environment.
Data tables include detailed figures on transactions and volumes from 2016 to 2021, with estimates and forecasts to 2025.
As with many EU markets, the authorities in Greece have been prioritising digital and instant payments. With the necessary infrastructure now in place, Greeks are required to spend at least 30 per cent of their income electronically.
The proportion of mobile wallets in Greece has increased significantly, with signs that BNPL could take off soon.

What you can learn from this Greece payments report:

How the wheel is turning on the shift to digital
Why there remains significant potential for cards
Which BNPL features could appeal to consumers
Where acquirers rank post consolidation wave


  • A fully-fledged member of the European Union since 1981, Greece adopted the euro in 2001. There are several hundred inhabited islands, although the majority live in urban areas on the mainland. A third of Greeks live in or around the capital city of Athens.
  • In the wake of the 2007-08 sovereign-debt crisis and EU bailout, there has been a push to facilitate the use of electronic payment instruments and services by all stakeholders here. A principal aim is to increase tax revenues while curbing tax evasion.
  • The 2015 imposition of capital controls that restricted access to cash resulted in a dramatic rise in card use at the point of sale. Greece now boasts one of the largest POS terminal networks per capita at the international level.
  • Cards are the most popular cashless payment method; contactless acceptance has soared since Covid's arrival.
  • In January 2020, citizens were mandated to spend at least thirty per cent of their annual income via electronic payment methods such as debit and credit cards.

Greece Payments Research | Report Contents

Key facts
Payments environment
Cards market
Fintech and mobile payments
Credit card profitability
Merchant acquiring
Regulatory environment

Greece Country Report Data Tables
(All 2016-25F unless otherwise stated.)

1: Demographic and economic indicators.
2: Ownership of key consumer devices.
3: Internet usage by population.
4: Access points: 2016-23F.
5: B2C e-commerce payment methods: 2016-23F.
6: Total card payment metrics.
7: Contactless cards metrics.
8: Credit card numbers.
9: Total credit cards metrics.
10: Credit card profitability indicators.
11: Debit card numbers.
12: Debit card metrics.
13: Mobile proximity payment metrics.
14: Profit pool: credit card numbers, billed volumes, outstandings, interest incomes, net interest revenues, merchant revenues, card fee revenues, other non-interest incomes, total revenues, net credit losses, operating expenses, total expenses, pre-tax profits, merchant service charges, rollover rates, APR, net credit losses to outstandings, operating costs to revenues, ROA (pre-tax profits to outstandings).

(All 2016-23F below unless otherwise stated)

15: Networks' credit card market shares.
16: Credit card interchange fees by network.
17: Networks' debit card market shares.
18: Networks' debit card numbers.
19: Debit card interchange fees by network.
20: Key credit card issuers market shares by credit card numbers: 2018-23F.
21: Key issuers market shares in credit card outstandings: 2018-23F.
22: Key debit card issuers market shares by debit card numbers: 2018-23F.
23: Merchant acquirer credit card market share: 2022E.
24: Credit card merchant service charges.
25: Merchant acquirer debit card market share: 2022E.
26: Debit card merchant service charges.
27: Credit card issuer/issuing processor relationships: -
28: Credit card acquirer/acquiring processor relationships: -
29: Credit card issuing processor market shares by card numbers: 2022E.
30: Credit card acquiring processor market shares by the number of POS transactions: 2022E.

Greece Country Report | Selected Extracts

Payments Environment
With Greece being a cash-intensive market and the pandemic having pushed people to embrace new tech solutions, there is an opportunity to migrate payments to digital via Open Banking .

Cards Market
Online card spend has increased significantly, accounting for over 21% of card purchase transactions in 2021, up from just over 11% in 2016.

With 80% of residents internet connected in 2021, there are no technical barriers to online shopping; growth in (currently low) smartphone ownership should boost e-commerce.

Fintech and mobile
The most important development in the Greek mobile payments market in recent years was the development of IRIS Mobile Payments . IRIS is integrated into the apps of the major banks enabling P2P and P2B instant payments.

Credit Card Profitability
Over the last few years, the country's banks worked to clean up their loan portfolios ... the market should stabilise in the coming years with AAR forecasting a steady rise in profits.

Card Networks
Visa and Mastercard are the two principal networks operating in Greece, with Diners Club having a tiny market share. American Express left the Greek market in 2019.

Four banks dominate this retail banking market:Piraeus Bank, National Bank of Greece(NBG), Eurobank Ergasias andAlpha Bank. This quartet accounted for 93% of total credit cards in issue at the end of 2021.

Merchant Acquiring
This market is dominated by the main four banks, in partnership with foreign companies. Since mid-2021, the acquiring businesses of each of the top four banks have been subject to M&A activity.

Regulatory Environment
To further promote tech progress and tackle tax evasion, January 2020 legislation mandated salaried workers, pensioners, landlords and farmers to spend at least 30% of annual income via electronic payment methods.

Greece Payments Report | Entities Referenced

Alpha Bank
American Express
Apple Pay
Bank of Greece
Credit Bureau of Greece
Diners Club
Eurobank Ergasias
European Association of Consumer Credit Information Suppliers
European Banking Authority
European Central Bank
European Parliament
EVO Payments
First Data
Global Payments
Google Pay
Hellenic Capital Market Commission
Hellenic Competition Commission
Hellenic Statistical Authority
International Monetary Fund
International Telecommunication Union
JP Morgan
National Bank of Greece
Piraeus Bank
Revised Payment Services Directive
Samsung Pay
SCT Inst
Single Euro Payments Area
TBI Bank
Trapeza tis Ellados
Viva Wallet


Reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in Europe. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.

See more Europe Country Reports or explore the full range of worldwide cards & payments reports available for 72 markets world-wide.

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