Payments Landscape in Greece: Opportunities and Risks to 2022

2019-04-16
Price :
Published : Apr-2019
No. of Pages : 52

Payments Landscape in Greece: Opportunities and Risks to 2022

Summary

GlobalData’s “Payments Landscape in Greece: Opportunities and Risks to 2022”, 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, cards, credit transfers, direct debit, and cheques during the review-period (2014-18e).

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 (2018e-22f). It also offers information on the country’s competitive landscape, including 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 detailed regulatory policies and recent changes in 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 cash, cards, credit transfers, direct debit, and cheques. 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, credit, and charge cards.

Scope

– After reviving Greece’s economy, the government relaxed some of its capital control measures, effective from October 2018. A new law removed the cap on ATM cash withdrawals, which was previously capped at €5,000 ($5,727.74); increased the cash limit that can be carried abroad by Greek consumers to €10,000 ($11,455.48) per trip, from a previous cap of €3,000 ($3,436.64); and revised the daily fund transfer limit abroad by businesses to €100,000 ($114,554.77) from €40,000 ($45,821.91). However, the cap on cash transactions for purchases of goods and services remains unchanged.
– To facilitate instant real-time transfer, Hellenic Bank Association member banks launched two new services called IRIS Mobile Payments and IRIS Online Payments in May 2017. IRIS Mobile Payments enables consumers to make peer-to-peer (P2P) or peer-to-business (P2B) instant transfers of up to €500 ($572.77) per day per registered payer. Consumers are only required to provide the beneficiary’s mobile number for individuals, or the VAT number for a business or self-employed person. The service is offered by Piraeus Bank, National Bank of Greece (NBG), Alpha Bank and Eurobank. Similarly, under the IRIS Online Payment service, consumers can transfer up to €12,500 ($14,319.35) by providing the name of the beneficiary’s bank and their IBAN account number. Alpha Bank, NBG, Eurobank, Piraeus Bank and Attica Bank currently offer this service.
– To promote electronic payments in the country, the government passed a law stating that from 1 January 2017, all employed and unemployed taxpayer individuals in Greece are eligible for tax deductions on their annual income for purchases made via debit and credit cards. While the purchase of goods, electronics, footwear and clothing, and medical services and supplies are entitled to tax benefits, deduction can’t be availed on utility bills, landlines and mobile phones, heating, rent or loan repayments. Furthermore, the government revised the cap on cash transaction for purchases to €500 ($572.77) on January 1, 2017 from the previous €1,500 ($1,718.32); this means Greek consumers have to pay for goods and services worth above €500 electronically with payment cards.

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.

Filed in: Banking & Finance
Publisher : GlobalData
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