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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 provides a detailed overview of Greece's cards, payments and consumer banking industry, with expert comments supported by accurate data.
The market report 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/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.
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
TABLE OF CONTENTS
Fintech and mobile payments
Credit card profitability
Greece 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.
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.
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.
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 and Alpha Bank. This quartet accounted for 93% of total credit cards in issue at the end of 2021.
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.
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.
Bank of Greece
Credit Bureau of Greece
European Association of Consumer Credit Information Suppliers
European Banking Authority
European Central Bank
Hellenic Capital Market Commission
Hellenic Competition Commission
Hellenic Statistical Authority
International Monetary Fund
International Telecommunication Union
National Bank of Greece
Revised Payment Services Directive
Single Euro Payments Area
Trapeza tis Ellados
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.
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