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Even after the restrictions were eased, the use of payment cards continued at unprecedented levels. The convenience and flexibility offered by online card payments have been key factors driving this upward trend, particularly since 2020. In fact, data from the Bank of Greece reveals a 14% rise in the value of card transactions, indicating a promising future for electronic payments.
Debit cards have emerged as the preferred alternative to cash, comprising around 90% of the total number of transactions across all types of payment cards. This highlights the trust and reliability that consumers place in electronic means of payment. As Greece progresses towards a more cashless society, these figures suggest that taxpayers will be further incentivized to embrace plastic money.
The shift towards electronic payments in Greece has not only been influenced by the pandemic but also by the growing adoption of digital technologies and the increasing convenience they provide. With the continuous advancements in financial technology and the proliferation of secure online payment platforms, Greeks are gradually recognizing the benefits of electronic transactions, including improved security, speed, and accessibility. Beyond temporary effects during the pandemic, online shopping shows a permanent boost that is not to be missed.
Other news from Greece
Deadline extension for Greek businesses to adopt upgraded solutions until late March
The Greek government has extended the deadline for businesses to declare their transition to the new, optional, all-in-one POS solutions to March 29, 2024. Further information is outlined below. It is noted by an AADE Press release that the deadline is postponed until March 29, 2024, for those businesses wishing to declare to the POS Registry that they are going to replace their cash register wit... Read more
AADE: The Greek platform for registering appointments for the cashier-POS interconnection is in operation.
On Friday, March 15, 2024, by the decision of the Governor of AADE, George Pitsilis, the Register of Technical Support Services was put into operation. FIM installation and support technicians should register on this platform for the scheduled appointments with businesses that are obliged to interconnect their cash systems with POS. The deadline for the declaration of scheduled appointments that... Read more
The last extension of the POS-cash register interface in Greece
The following announcement was issued by the Press Office of the Ministry of National Economy and Finance. The extension for 1+1 month was decided by the leadership of the Ministry of National Economy and Finance and AADE to complete without technical problems the major project of interconnecting POS with cash registers. Read more
The 3 most frequently asked questions about card payment instruments and obligations for interconnection in Greece
The most frequently asked questions regarding the new obligation to use and connect POS card payment terminals in Greece are questions such as: Which entities are obliged to accept payment card payment instruments (use of POS-EFT) and instant payment services from account to account (e.g., IRIS payments)? More questions and answers are as follows. Which entities are obliged to accept payment ca... Read more
Final countdown for POS-Cash Register Interconnection in Greece
Without further delays, the project of interconnecting cash registers with POS card payment terminals is proceeding until February 29, 2024. From the competent bodies, the businesses are reminded that February 29 is the deadline for the interconnection of cash registers with POS after the extension given by one month by a joint decision of the Minister of Development, Mr. Kostas Skrekas, and the... Read more
New document was uploaded: Recorded webinar: It’s time to grow together
In this discussion, we have introduced our new partner program and what is essential for international growth, while dealing with topics such as - Success factors for POS applications - What does globalization mean? - How to grow globally? Furthermore, we presented benefits for our partners. Last but not least, we presented our fiscal cloud architecture and its important features.You can down... Read more
Application of the correct VAT rate for non-alcoholic beverages, juices, and beverages sold by restaurant and catering businesses in Greece
The Greek Tax Agency has issued Circular No. E.2005 clarifying when the usage of the reduced VAT rate for catering services and non-alcoholic beverages is applied and when the regular, i.e., standard VAT rate is applied when it comes to the mentioned services and products. In short, different VAT rates (24% and 13%) apply to non-alcoholic beverages depending on whether they are for on-site consum... Read more