Remote debit and credit card payments experienced remarkable growth, with increases of more than 70% and 100%, respectively, since the beginning of the pandemic. With the implementation of measures against the pandemic that was happening, online transactions witnessed a significant surge, while traditional in-person transactions were limited.
Greeks take up card payments, moving towards a more cashless future.
Public
Greece
Author: Kristina Dosen
Category:
Fiscal subject related
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41
Content accuracy validation date:
24.05.2023
Content accuracy validation time:
09:57h
Content
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.
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