Greece’s Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

Greece was the most severely affected country by the eurozone crisis, mainly as a result of government overspending, tax evasion and a budget deficit that eventually spiraled out of control. The crisis also affected the entire banking system; most banks faced liquidity problems and loan defaults, which had a direct impact on the card payments channel.

In terms of the number of cards in circulation, the prepaid and debit card categories registered healthy growth at compound annual growth rates (CAGRs) of 15.44% and 3.29% respectively during the review period (2009–2013). With the Greek economy anticipated to recover slowly over the forecast period (2014–2018), the prepaid and debit card categories are expected to grow at a healthy pace and register CAGRs of 21.80% and 4.62% respectively, while the credit and charge card categories continue to decline, albeit more slowly than during the review period.

A well-developed mobile market and the growing popularity of smartphones have led to robust growth in mobile payments (m-payments), which posted a review-period CAGR of 41.55%, increasing from EUR26.2 million (US$36.3 million) in 2009 to EUR105.0 million (US$139.2 million) in 2013. Over the forecast period, the value of m-payments is anticipated to further increase from EUR149.2 million (US$201.2 million) in 2014 to EUR803.0 million (US$1.1 billion) in 2018, at a CAGR of 52.32%.

Banks such as National Bank of Greece (NGB), Alpha Bank and Eurobank Ergasias are partnering with merchants and online retailers to offer secure payment facilities, enabling customers pay online or via mobile phones linked to bank accounts. As a result, e-commerce recorded a review-period CAGR of 43.75% and grew from EUR962.3 million (US$1.3 billion) in 2009 to EUR4.1 billion (US$5.4 billion) in 2013. It is anticipated to post a forecast-period CAGR of 32.94% to reach EUR18.0 billion (US$25.4 billion) by the end of 2018.

Scope

• This report provides a comprehensive analysis of Greece's cards and payments industry.

• It provides current values for Greece's cards and payments industry for 2013, and forecast figures for 2018.

• It details the different economic, infrastructural and business drivers affecting Greece's cards and payments industry.

• It outlines the current regulatory framework in the industry.

• It details the marketing strategies used by various banks and other institutions.

• It profiles the major banks in Greece's cards and payments industry.

Key Highlights

• In terms of the number of cards in circulation, Greece’s card payments channel posted a review-period CAGR of -2.92%, decreasing from 15.6 million cards in 2009 to 13.9 million in 2013, and is expected to post a forecast-period CAGR of 4.17% to reach 16.6 million cards in 2018.

• In terms of number of cards in circulation, Greece’s card payments channel was dominated by the debit cards category in 2013, accounting for 74.3% of the channel. The second-largest channel share was held by credit cards 20.9%, followed by prepaid cards with 4.5%. The charge cards category held the smallest channel share of 0.3%.

• In terms of number of cards in circulation, the prepaid cards category is expected to register the highest forecast-period CAGR of 21.80%, while the debit cards category is expected to register the second-highest CAGR of 4.62%. However, the credit and charge card categories are expected to decline at forecast-period CAGRs of -5.64% and -4.16% respectively.

• Significant growth in mobile payments is expected to provide substantial scope for card transactions. Mobile payments recorded a review-period CAGR of 41.55%, increasing from EUR26.2 million (US$36.3 million) in 2009 to EUR105.0 million (US$139.2 million) in 2013. In February 2014, Alpha Bank, Vodafone, Visa Europe and First Data together launched a pilot project in Greece, introducing a conceptual mobile wallet app, Tap ‘n’ Pay. These initiatives are expected to result in further growth for m-payments over the forecast period.

• E-commerce value increased significantly from EUR962.3 million (US$1.3 billion) in 2009 to EUR4.1 billion (US$5.4 billion) at a review-period CAGR of 43.75%. Over the forecast period, e-commerce is expected to grow to reach EUR18.0 billion (US$25.4 billion) by the end of 2018, at a CAGR of 32.94%.

Reasons to buy

• Make strategic business decisions using top-level historic and forecast market data related to Greece's cards and payments industry and each market within it.

• Understand the key market trends and growth opportunities within Greece's cards and payments industry.

• Assess the competitive dynamics in Greece's cards and payments industry.

• Gain insights in to the marketing strategies used for selling various card types in Greece

• Gain insights into key regulations governing Greece's cards and payments industry.

Companies mentioned

National Bank of Greece

Eurobank Ergasias

Alpha Bank

Piraeus Bank

HSBC

Citibank Greece

Diners Club

MasterCard

Visa

American Express

Table of Contents

1 Executive Summary

2 Analysis of Market Environment, Key Trends and Drivers

2.1 Payment Infrastructure and Emerging Technologies

2.1.1 Rising internet penetration

2.1.2 Rising mobile penetration and m-payments

2.1.3 Adoption of EMV infrastructure

2.1.4 Point of sale (POS) terminals

2.1.5 Near field communication (NFC) and contactless adoption

2.2 Business Drivers

2.2.1 Growth in retail industry

2.2.2 Growth in e-commerce

2.3 Economic Drivers

2.3.1 GDP

2.3.2 GDP per capita

2.3.3 Inflation

3 Cards and Payments Industry Share Analysis

3.1 Industry Overview

3.1.1 Credit transfer

3.1.2 Check payments

3.1.3 Cash transactions

3.1.4 Card transactions

3.1.5 Direct debit

4 Regulatory Framework and Card Fraud Statistics

4.1 Regulatory Framework

4.1.1 Oversight

4.2 SEPA Cards Framework

4.2.1 Anti-money laundering legislation

4.2.2 Foreign direct investment (FDI) regulations

4.3 Card Fraud Statistics

4.3.1 Lost or stolen cards

4.3.2 Card-not-present fraud

4.3.3 Counterfeit card

4.3.4 Card ID theft

5 Emerging Consumer Attitudes and Trends

5.1 Industry Segmentation and Targeting

5.1.1 Retail segment

5.1.2 Corporate segment

5.2 Travel and Tourism Spending

5.2.1 Outbound trips

5.2.2 Outbound tourist spending

5.3 Retail Card Spending

5.3.1 Analysis by product categories

5.3.2 Analysis by retail channels

6 Analysis of Card Payments and Growth Prospects

6.1 Channel Share Analysis by Card Category

6.2 Size and Forecast of the Card Payments Channel

6.2.1 Analysis by number of cards in circulation

6.2.2 Analysis by transaction value

7 Analysis of Credit Card Payments and Growth Prospects

7.1 Overall Category Size and Forecast

7.1.1 Analysis by number of cards in circulation

7.1.2 Analysis by transaction value

7.1.3 Analysis by transaction volume

7.2 Transaction Share Analysis by Channel

7.2.1 Analysis by transaction value

7.2.2 Analysis by transaction volume

7.3 Personal Credit Cards Segment Size and Forecast

7.3.1 Analysis by number of cards in circulation

7.3.2 Analysis by transaction value

7.3.3 Analysis by transaction volume

7.4 Commercial Credit Cards Segment Size and Forecast

7.4.1 Analysis by number of cards in circulation

7.4.2 Analysis by transaction value

7.4.3 Analysis by transaction volume

7.5 Competitive Landscape

7.5.1 Scheme share analysis

7.5.2 Issuer share analysis

8 Analysis of Debit Card Payments and Growth Prospects

8.1 Overall Category Size and Forecast

8.1.1 Analysis by number of cards in circulation

8.1.2 Analysis by transaction value

8.1.3 Analysis by transaction volume

8.2 Transaction Share Analysis by Channel

8.2.1 Analysis by transaction value

8.2.2 Analysis by transaction volume

8.3 Competitive Landscape

8.3.1 Scheme share analysis

8.3.2 Issuer share analysis

9 Analysis of Charge Card Payments and Growth Prospects

9.1 Overall Category Size and Forecast

9.1.1 Analysis by number of cards in circulation

9.1.2 Analysis by transaction value

9.1.3 Analysis by transaction volume

9.2 Transaction Share Analysis by Channel

9.2.1 Analysis by transaction value

9.2.2 Analysis by transaction volume

9.3 Personal Charge Cards Category Size and Forecast

9.3.1 Analysis by number of cards in circulation

9.3.2 Analysis by transaction value

9.3.3 Analysis by transaction volume

9.4 Commercial Charge Cards Segment Size and Forecast

9.4.1 Analysis by number of cards in circulation

9.4.2 Analysis by transaction value

9.4.3 Analysis by transaction volume

9.5 Competitive Landscape

9.5.1 Scheme share analysis

9.5.2 Issuer share analysis

10 Analysis of Prepaid Card Payments and Growth Prospects

10.1 Overall Category Size and Forecast

10.1.1 Analysis by number of cards in circulation

10.1.2 Analysis by transaction value

10.2 Open-Loop Prepaid Cards Segment Size and Forecast

10.2.1 Analysis by number of cards in circulation

10.2.2 Analysis by transaction value

10.3 Closed-Loop Prepaid Cards Segment Size and Forecast

10.3.1 Analysis by number of cards in circulation

10.3.2 Analysis by transaction value

11 Merchant Acquiring

12 Company Profiles of Card Issuers

12.1 National Bank of Greece

12.1.1 Key financials

12.1.2 Card portfolio

12.1.3 Strategies

12.2 Eurobank Ergasias

12.2.1 Key financials

12.2.2 Card portfolio

12.2.3 Strategies

12.3 Alpha Bank

12.3.1 Key financials

12.3.2 Card portfolio

12.3.3 Strategies

12.4 Piraeus Bank

12.4.1 Key financials

12.4.2 Card portfolio

12.4.3 Strategies

12.5 HSBC

12.5.1 Card portfolio

12.5.2 Strategies

13 Appendix

13.1 Methodology

13.2 Contact GlobalData

13.3 About GlobalData

13.4 GlobalData’s Services

13.5 Definitions

13.6 Disclaimer

List of Tables

Table 1: Greek Payment Channels (EUR Billion), 2009–2013

Table 2: Market Entry Strategies of Foreign Banks

Table 3: Greek Card Fraud (EUR Million), 2009–2013

Table 4: Cards Offered to High Income Greek Individuals, 2014

Table 5: Greek Shopping Cards, 2014

Table 6: Greek Co-branded Cards, 2014

Table 7: Greek Travel Cards, 2014

Table 8: Greek Virtual Cards, 2014

Table 9: Purchasing Cards Offered for Greek Business Customers

Table 10: Greek Card Spending by Retail Product Category (EUR Million), 2008 and 2012

Table 11: Greek Card Spending by Retail Channel (EUR Million), 2008–2012

Table 12: Greek Card Payments Channel by Card Category (Million), 2009–2018

Table 13: Greek Card Payments Channel Size by Volume of Cards (Million), 2009–2018

Table 14: Greek Card Payments Channel Size by Transaction Value (EUR Billion), 2009–2018

Table 15: Greek Card Payments Channel Size by Transaction Value (US$ Billion), 2009–2018

Table 16: Greek Credit Cards Category Size by Volume of Cards (Million), 2009–2018

Table 17: Greek Credit Cards Category Size by Transaction Value (EUR Billion), 2009–2018

Table 18: Greek Credit Cards Category Size by Transaction Value (US$ Billion), 2009–2018

Table 19: Greek Credit Cards Category Size by Transaction Volume (Million), 2009–2018

Table 20: Greek Personal Credit Cards Segment Size by Volume of Cards (Million), 2009–2018

Table 21: Greek Personal Credit Cards Segment Size by Transaction Value (EUR Billion), 2009–2018

Table 22: Greek Personal Credit Cards Segment Size by Transaction Value (US$ Billion), 2009–2018

Table 23: Greek Personal Credit Cards Segment Size by Transaction Volume (Million), 2009–2018

Table 24: Greek Commercial Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Table 25: Greek Commercial Credit Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Table 26: Greek Commercial Credit Cards Segment Size by Transaction Value (US$ Million), 2009–2018

Table 27: Greek Commercial Credit Cards Segment Size by Transaction Volume (Thousand), 2009–2018

Table 28: Greek Debit Cards Category Size by Volume of Cards (Million), 2009–2018

Table 29: Greek Debit Cards Category Size by Transaction Value (EUR Billion), 2009–2018

Table 30: Greek Debit Cards Category Size by Transaction Value (US$ Billion), 2009–2018

Table 31: Greek Debit Cards Category Size by Transaction Volume (Million), 2009–2018

Table 32: Greek Charge Cards Category Size by Volume of Cards (Thousand), 2009–2018

Table 33: Greek Charge Cards Category Size by Transaction Value (EUR Million), 2009–2018

Table 34: Greek Charge Cards Category Size by Transaction Value (US$ Million), 2009–2018

Table 35: Greek Charge Cards Category Size by Transaction Volume (Million), 2009–2018

Table 36: Greek Personal Charge Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Table 37: Greek Personal Charge Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Table 38: Greek Personal Charge Cards Segment Size by Transaction Value (US$ Million), 2009–2018

Table 39: Greek Personal Charge Cards Segment Size by Transaction Volume (Million), 2009–2018

Table 40: Greek Commercial Charge Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Table 41: Greek Commercial Charge Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Table 42: Greek Commercial Charge Cards Segment Size by Transaction Value (US$ Million), 2009–2018

Table 43: Greek Commercial Charge Cards Segment Size by Transaction Volume (Thousand), 2009–2018

Table 44: Greek Prepaid Cards Category Size by Volume of Cards (Thousand), 2009–2018

Table 45: Greek Prepaid Cards Category Size by Transaction Value (EUR Million), 2009–2018

Table 46: Greek Prepaid Cards Category Size by Transaction Value (US$ Million), 2009–2018

Table 47: Greek Open-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Table 48: Greek Open-Loop Prepaid Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Table 49: Greek Open-Loop Prepaid Cards Segment Size by Transaction Value (US$ Million), 2009–2018

Table 50: Greek Closed-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Table 51: Greek Closed-Loop Prepaid Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Table 52: Greek Closed-Loop Prepaid Cards Segment Size by Transaction Value (US$ Million), 2009–2018

Table 53: NBG – Key Financial Indicators (EUR Billion), Year Ended December, 2011–2012

Table 54: NBG – Card Portfolio and Key Features

Table 55: Eurobank Ergasias – Key Financial Indicators (EUR Million), Year Ended December, 2012–2013

Table 56: Eurobank Ergasias – Card Portfolio and Key Features

Table 57: Alpha Bank – Key Financial Indicators (EUR Million), Year Ended December, 2012–2013

Table 58: Alpha Bank – Card Portfolio and Key Features

Table 59: Piraeus Bank – Key Financial Indicators (EUR Million), Year Ended December 2011–2012

Table 60: Piraeus Bank – Card Portfolio and Key Features

Table 61: HSBC – Card Portfolio and Key Features

Table 62: Key Definitions

List of Figures

Figure 1: Benchmarking the Greek Payment Cards Channel Against Other Key Regional Markets

Figure 2: Growth of Various Card Categories in Greece (%), 2009–2018

Figure 3: Greek Internet Penetration (Internet Users per 100 Inhabitants), 2009–2018

Figure 4: Greek Value of M-Payments (EUR Million), 2009–2018

Figure 5: Greek EMV Cards Volume (Thousand), 2009–2013

Figure 6: Greek POS Penetration (Terminals per 100,000 Inhabitants), 2009–2018

Figure 7: Value of Greek Retail Sales (EUR Billion), 2009–2018

Figure 8: Greek Value of E-Commerce (EUR Million), 2009–2018

Figure 9: Greek Real GDP Growth (%), 2009–2018

Figure 10: Greek Nominal GDP Per Capita (US$), 2009–2018

Figure 11: Greek Inflation (Consumer Price Inflation) Rate (%), 2009–2018

Figure 12: Greek Shares of Different Payment Channels (%), 2009 and 2013

Figure 13: Types of Card Fraud in Greece (%), 2009 and 2013

Figure 14: Greek Lost or Stolen Card Fraud Value (EUR Million), 2009–2013

Figure 15: Greek Card-Not-Present Fraud Value (EUR Million), 2009–2013

Figure 16: Greek Counterfeit Card Fraud Value (EUR Million), 2009–2013

Figure 17: Greek Card ID Theft Value (EUR Thousand), 2009–2013

Figure 18: Greek Cards and Payments Industry Segmentation by Card Type, 2014

Figure 19: Greek Volume of Outbound Trips (Thousand), 2009–2018

Figure 20: Greek Outbound Tourist Spending (EUR Million), 2009–2018

Figure 21: Greek Retail Card Spending by Retail Product Category (%), 2012

Figure 22: Greek Retail Card Spending by Retail Channel (%), 2012

Figure 23: Greek Card Payments Channel by Card Category (%), 2009–2018

Figure 24: Greek Card Payments Channel Size by Volume of Cards (Million), 2009–2018

Figure 25: Greek Card Payments Channel Size by Transaction Value (EUR Billion), 2009–2018

Figure 26: Greek Credit Cards Category Volume and Penetration, 2009–2018

Figure 27: Greek Credit Cards Category Size by Volume of Cards (Million), 2009–2018

Figure 28: Greek Credit Cards Category Size by Transaction Value (EUR Billion), 2009–2018

Figure 29: Greek Cards Category Size by Transaction Volume (Million), 2009–2018

Figure 30: Greek Credit Cards Category Transaction Value Share by Channel (EUR Million), 2009–2018

Figure 31: Greek Credit Cards Category Transaction Volume Share by Channel (Million), 2009–2018

Figure 32: Greek Personal Credit Cards Segment Size by Volume of Cards (Million), 2009–2018

Figure 33: Greek Personal Credit Cards Segment Size by Transaction Value (EUR Billion), 2009–2018

Figure 34: Greek Personal Credit Cards Segment Size by Transaction Volume (Million), 2009–2018

Figure 35: Greek Commercial Credit Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Figure 36: Greek Commercial Credit Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Figure 37: Greek Commercial Credit Cards Segment Size by Transaction Volume (Thousand), 2009–2018

Figure 38: Greek Credit Cards Category Share by Scheme (%), 2013

Figure 39: Greek Credit Cards Category Share by Issuer (%), 2013

Figure 40: Greek Debit Cards Category Volume and Penetration, 2009–2018

Figure 41: Greek Debit Cards Category Size by Volume of Cards (Million), 2009–2018

Figure 42: Greek Debit Cards Category Size by Transaction Value (EUR Billion), 2009–2018

Figure 43: Greek Debit Cards Category Size by Transaction Volume (Million), 2009–2018

Figure 44: Greek Debit Cards Category Transaction Value Share by Channel (EUR Billion), 2009–2018

Figure 45: Greek Debit Cards Category Transaction Volume Share by Channel (Million), 2009–2018

Figure 46: Greek Debit Cards Category Share by Scheme (%), 2013

Figure 47: Greek Debit Cards Category Share by Issuer (%), 2013

Figure 48: Greek Charge Cards Category Volume and Penetration, 2009–2018

Figure 49: Greek Charge Cards Category Size by Volume of Cards (Thousand), 2009–2018

Figure 50: Greek Charge Cards Category Size by Transaction Value (EUR Million), 2009–2018

Figure 51: Greek Charge Cards Category Size by Transaction Volume (Million), 2009–2018

Figure 52: Greek Charge Cards Transaction Value Share by Channel (EUR Million), 2009–2018

Figure 53: Greek Charge Cards Transaction Volume Share by Channel (Thousand), 2009–2018

Figure 54: Greek Personal Charge Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Figure 55: Greek Personal Charge Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Figure 56: Greek Personal Charge Cards Segment Size by Transaction Volume (Million), 2009–2018

Figure 57: Greek Commercial Charge Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Figure 58: Greek Commercial Charge Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Figure 59: Greek Commercial Charge Cards Segment Size by Transaction Volume (Thousand), 2009–2018

Figure 60: Greek Charge Cards Category Share by Scheme (%), 2013

Figure 61: Greek Charge Cards Category Share by Issuer (%), 2013

Figure 62: Greek Prepaid Cards Category Volume and Penetration, 2009–2018

Figure 63: Greek Prepaid Cards Category Size by Volume of Cards (Thousand), 2009–2018

Figure 64: Greek Prepaid Cards Category Size by Transaction Value (EUR Million), 2009–2018

Figure 65: Greek Open-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Figure 66: Greek Open-Loop Prepaid Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Figure 67: Greek Closed-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 2009–2018

Figure 68: Greek Closed-Loop Prepaid Cards Segment Size by Transaction Value (EUR Million), 2009–2018

Figure 69: Greek Merchant Acquirer Market Shares (%), 2012

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