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Payments Landscape in Greece: Opportunities and Risks to 2021
GlobalData's "Payments Landscape in Greece: Opportunities and Risks to 2021", 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 cash, credit transfers, direct debit, payment cards, and cheques during the review-period (2013-17e).
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 (2017-21f). 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 and pay-later cards.
- Detailed insights into payment instruments including cash, credit transfers, direct debit, cheques, and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis.
- 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 and pay-later cards.
- In the wake of the economic crisis, the Greek government was forced to implement austerity measures in 2015 to gain access to a 86bn ($103.2bn) bailout package from the IMF, the EU, and the European Central Bank. 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. Some of the measures include the compulsory acceptance of card-based payments at retail outlets and by certain categories of professionals (such as doctors, lawyers, electricians, and plumbers) effective from January 1, 2016. In extension to that the government identified 85 different business categories that are required to install POS terminals, for which the government set a deadline of July 2017. Refusal by these business categories to accept card-based payments attracts a fine of 1,500 ($1,800).
- To make online payments more convenient, MyBank, a pan-European e-authorization solution, was made available to Greek consumers from May 2016. To make payments, users need to select the MyBank option on the online retailer's website, which connects them to their online or mobile banking platform. Here they need to approve a SEPA credit transfer order containing the details of the online retailer. Participating banks in Greece are Piraeus Bank, NBG, Eurobank, and Alpha Bank. According to the Hellenic Bank Association, between January-August 2017, transactions valued at 15m ($18m) were made using MyBank.
- Debit card penetration is anticipated to grow further over the next five years, as in June 2017 the government introduced a new regulation making it compulsory for private companies to pay employee salaries only through a bank account. Employers who do not comply with the regulation will be penalized by the Labor Inspectorate.
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.