The Cards and Payments Industry in Greece: Emerging trends and opportunities to 2020

GlobalData’s "The Cards and Payments Industry in Greece: Emerging trends and opportunities to 2020" report provides detailed analysis of market trends in the Greek cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, cash, payment cards direct debit and cheques during the review period (2012-2016).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

This report provides top-level market analysis, information and insights into the Greek cards and payments industry, including –

– Current and forecast values for each market in the Greek cards and payments industry, including debit, credit and charge cards.

– Detailed insights into payment instruments including credit transfers, cash, direct debit, payment cards and cheques. It also, includes an overview of the country's key alternative payment instruments.

– E-commerce market analysis and payment methods.

– Analysis of various market drivers and regulations governing the Greek cards and payments industry.

– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.

Scope

– In the wake of the economic crisis, the Greek government was forced to implement austerity measures to gain access to a $95.5bn (€86bn) bailout package from the IMF, the EU, and the ECB. Consequently, the government imposed capital controls and took a number of measures to arrest the outward flow of money, curb tax evasion, and encourage electronic payments, including restrictions on cash withdrawals at ATMs, remittances, and the use of payment cards abroad. The latest measure is the compulsory acceptance of card-based payments at retail outlets and by certain categories of professional (such as doctors, lawyers, electricians, and plumbers) effective from January 1, 2016. However, the restrictions imposed on cash withdrawals and fund transfers were relaxed in August 2016 to increase liquidity in the banking system.

– To boost electronic payments, in November 2016 the Greek government proposed to provide tax benefits and other incentives to individuals and businesses for using payment cards. These include additional tax benefits to those who use cards for more than 80% of their total annual spending, and tax discounts on medical expenses paid with payment cards. The ministry has also proposed incentives for businesses by reducing the tax rate on earnings from sales via payment cards. The government also proposes to make it compulsory for businesses to pay their employees through a bank account if their annual salary is above $526.10 (€500).

– While the government has placed restrictions on transactions from international online retailers, domestic e-commerce activities are outside the boundaries of the rules. To benefit from this, payment companies are introducing new online payment solutions for domestic online purchases. The latest of these was the June 2016 introduction of Masterpass by Mastercard. Masterpass stores all of a customer’s payment cards in a single location. This service is supported by Alpha Bank, Piraeus Bank, Eurobank Ergasias, AXA Insurance, Leroy Merlin, Sephora, and Wind.

Reasons to buy

– Make strategic business decisions, using top-level historic and forecast market data, related to the Greek cards and payments industry and each market within it.

– Understand the key market trends and growth opportunities in the Greek cards and payments industry.

– Assess the competitive dynamics in the Greek cards and payments industry.

– Gain insights into marketing strategies used for various card types in Greece.

– Gain insights into key regulations governing the Greek cards and payments industry.

Companies mentioned

Piraeus Bank

National Bank of Greece

Alpha Bank

Eurobank Ergasias

Visa

Mastercard

American Express

Diners Club

Table of Contents

Table of Contents

1. EXECUTIVE SUMMARY 2

1.1. Market overview 2

1.2. Key facts 4

1.3. Top five industry events 5

2. PAYMENT INSTRUMENTS 11

2.1. Current payment environment 11

3. E-COMMERCE AND ALTERNATIVE PAYMENTS 13

3.1. E-commerce market analysis 13

3.2. Alternative payment solutions 15

3.2.1. Masterpass 15

3.2.2. paysafecard 15

3.2.3. winbank wallet 15

3.2.4. my Alpha Wallet 15

3.2.5. Viva Wallet 15

4. REGULATIONS IN THE CARDS AND PAYMENTS INDUSTRY 16

4.1. Regulatory framework 16

4.1.1. SEPA cards framework 16

4.1.2. Interchange fee regulation 16

4.2. Anti-money laundering 17

4.3. Foreign direct investment regulations 17

5. ANALYSIS OF CARDS AND PAYMENTS INDUSTRY DRIVERS 18

6. PAYMENT CARDS 21

7. DEBIT CARDS 23

7.1. Debit card market analysis 23

7.2. Competition in the debit card market 25

7.3. Debit card comparison 26

8. PAY-LATER CARDS 27

8.1. Pay-later card market analysis 27

8.2. Competition in the pay-later card market 29

8.3. Pay-later cards comparison 30

9. PREPAID CARDS 31

10. APPENDIX 32

10.1. Abbreviations and acronyms 32

10.2. Supplementary data 33

10.3. Definitions 44

10.4. Methodology 46

10.5. Bibliography 48

10.6. Further reading 48

List of Tables

List of Tables

Table 1: Greece: key facts, 2016 4

Table 2: Greece: regional benchmarking of payment cards, 2016 4

Table 3: Greece: mode of entry of foreign banks 17

Table 4: Greece: debit card comparison and key features, 2016 26

Table 5: Greece: gold credit card comparison and key features, 2016 30

Table 6: Greece: premium credit card comparison and key features, 2016 30

Table 7: Greece: charge card comparison and key features, 2016 30

Table 8: Greece: payment instrument transaction values (€bn), 2012-16e 33

Table 9: Greece: payment instrument transaction values ($bn), 2012-16e 33

Table 10: Greece: payment instrument transaction volumes (millions), 2012-16e 33

Table 11: Greece: payment cards in circulation by type (millions), 2012-20f 33

Table 12: Greece: volume of payment card transactions (millions), 2012-20f 34

Table 13: Greece: value of payment card transactions (€bn), 2012-20f 34

Table 14: Greece: value of payment card transactions ($bn), 2012-20f 34

Table 15: Greece: debit cards in circulation (millions), 2012-20f 34

Table 16: Greece: debit card transaction volumes (millions), 2012-20f 35

Table 17: Greece: debit card transaction values (€), 2012-20f 35

Table 18: Greece: debit card transaction values ($), 2012-20f 35

Table 19: Greece: debit cards in circulation by scheme (millions), 2012-16e 36

Table 20: Greece: debit card transaction values by scheme (€bn), 2012-16e 36

Table 21: Greece: debit card transaction values by scheme ($bn), 2012-16e 36

Table 22: Greece: debit card transaction values by issuer (€bn), 2012-16e 36

Table 23: Greece: debit card transaction values by issuer ($bn), 2012-16e 36

Table 24: Greece: pay-later cards in circulation (millions), 2012-20f 37

Table 25: Greece: pay-later card transaction volumes (millions), 2012-20f 37

Table 26: Greece: pay-later card transaction values (€), 2012-20f 37

Table 27: Greece: pay-later card transaction values ($), 2012-20f 37

Table 28: Greece: pay-later cards in circulation by scheme (000s), 2012-16e 38

Table 29: Greece: pay-later card transaction values by scheme (€m), 2012-16e 38

Table 30: Greece: pay-later card transaction values by scheme ($m), 2012-16e 38

Table 31: Greece: pay-later card transaction values by issuer (€m), 2012-16e 38

Table 32: Greece: pay-later card transaction values by issuer ($m), 2012-16e 39

Table 33: Greece: credit cards in circulation (millions), 2012-20f 39

Table 34: Greece: credit card transaction volumes (millions), 2012-20f 39

Table 35: Greece: credit card transaction values (€), 2012-20f 39

Table 36: Greece: credit card transaction values ($), 2012-20f 40

Table 37: Greece: credit cards in circulation by scheme (000s), 2012-16e 40

Table 38: Greece: credit card transaction values by scheme (€m), 2012-16e 40

Table 39: Greece: credit card transaction values by scheme ($m), 2012-16e 40

Table 40: Greece: charge cards in circulation (millions), 2012-20f 40

Table 41: Greece: charge card transaction volumes (000s), 2012-20f 41

Table 42: Greece: charge card transaction values (€), 2012-20f 41

Table 43: Greece: charge card transaction values ($), 2012-20f 41

Table 44: Greece: charge cards in circulation by scheme (000s), 2012-16e 42

Table 45: Greece: charge card transaction values by scheme (€m), 2012-16e 42

Table 46: Greece: charge card transaction values by scheme ($m), 2012-16e 42

Table 47: Greece: prepaid cards in circulation (000s), 2012-20f 42

Table 48: Greece: prepaid card transaction values (€m), 2012-20f 42

Table 49: Greece: prepaid card transaction values ($m), 2012-20f 43

Table 50: Key definitions 44

List of Figures

List of Figures

Figure 1: Greece: payment instrument shares by transaction value (%), 2012 vs 2016 11

Figure 2: Greece: payment instrument shares by transaction volume (%), 2012 vs 2016 12

Figure 3: Greece: e-commerce value 13

Figure 4: Greece: population and economic indicators 18

Figure 5: Greece: ATMs, POS terminals, and household consumption 19

Figure 6: Greece: payment card transaction value and cards in circulation, 2012-20f 21

Figure 7: Greece: debit card penetration and turnover per card 23

Figure 8: Greece: debit card scheme and issuer transaction value shares, 2016 25

Figure 9: Greece: pay-later card penetration and turnover per card 27

Figure 10: Greece: pay-later card scheme and issuer transaction value share (%), 2016 29

Figure 11: Greece: prepaid cards in circulation and total transaction value, 2012-20f 31

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