Greece
Greece economy, Greek financial market, and Greek tourism industry are key drivers of the country’s revenue. Greece is a developed EU country in Southern Europe, highly dependent on tourism, services, and shipping. Despite economic challenges like the Great Recession, Eurozone debt crisis, and high national debt, Greece has benefited from EU financial aid and rescue packages to stabilize its economy.
Greece’s GDP growth has been slow but steady, with estimates showing e-commerce revenue in Greece expected to surpass USD 4,000 million by 2023 and USD 6,000 million by 2027, at a CAGR of 9.81%. The country has seen a rise in digital payments, credit card transactions, and e-commerce adoption, although it remains partially cash-based. In 2020, Greek consumers made 16 credit card transactions per capita, with debit card penetration around 1.5 cards per person.
Alternative payment methods like digital wallets, online banking, and contactless payments are gaining popularity, supported by growing internet penetration and the expanding Greek e-commerce market. Greece is also a top holiday destination, attracting both local and foreign tourists, which contributes significantly to payment card usage. In 2021, 26% of online payments were made via digital wallets, followed by cards, highlighting the country’s shift toward cashless transactions.
Top banks
In Greece, the banking sector is dominated by a few major banks. Here are some of the top banks in Greece:
National Bank of Greece
National Bank of Greece (NBG): As the largest bank in Greece, NBG provides a wide range of banking and financial services to individuals, businesses, and institutions.
Piraeus Bank
Piraeus Bank: Piraeus Bank is one of the largest banks in Greece and offers a comprehensive range of banking products and services, including retail banking, corporate banking, and asset management.
Alpha Bank
Alpha Bank is a prominent Greek bank that provides a variety of financial services, including retail and corporate banking, investment banking, and asset management.
Eurobank Ergasias
Eurobank is a leading Greek bank with a strong presence in retail banking, corporate banking, and wealth management. It offers a range of financial products and services to individuals, businesses, and institutions.
Attica Bank
Attica Bank is a Greek cooperative bank that focuses on providing retail banking services to individuals and small businesses. It operates a network of branches throughout Greece.
TEADY
National and Kapodistrian University of Athens Employees' Provident Fund (TEADY): TEADY is a pension fund that operates as a banking institution in Greece, offering various financial services to its members.
Pancretan Cooperative Bank
Pancretan Cooperative Bank is a cooperative bank based in Crete, Greece. It serves the local community by providing retail banking services and supporting local businesses.
Cooperative Bank of Chania
The Cooperative Bank of Chania is a cooperative banking institution that primarily serves the residents and businesses in the region of Chania, Crete.
Cooperative Bank of Thessaly
The Cooperative Bank of Thessaly operates as a cooperative banking institution, offering retail banking services and supporting the local economy in the region of Thessaly.
Cooperative Bank of Serres
The Cooperative Bank of Serres is a cooperative banking institution that provides financial services to individuals and businesses in the region of Serres.
N26
N26 is a German digital bank founded in 2013, operating entirely online without physical branches. Known for its user-friendly mobile app, N26 offers a range of financial services, including checking accounts, savings tools, personal loans, and insurance. The bank focuses on simplicity, transparency, and ease of use, providing customers with a seamless mobile banking experience. It operates in multiple European countries and the United States, and is regulated by financial authorities in each region. N26 is particularly popular for its low fees, international money transfers, and innovative features like real-time notifications and spending insights.
Top payment methods
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
Cash
According to a January 2022 study, half of online purchases in Greece were paid for in cash. Cash and digital wallets followed, used to complete 24 percent and 16 percent of online purchases, respectively.
Credit card
In Greece, the number of credit cards reached over 2.5 million in 2019, representing about 15% of all payment cards in the country. However, debit cards were more common, with over 13 million debit cards in circulation in 2019. These figures are estimates based on data provided by central banks. It’s important to note that owning a payment card doesn’t always correlate to frequent usage, as there are significant regional differences across Europe in the adoption and use of payment methods.
PayPal
PayPal – PayPal is a popular option for online shopping in Germany. Users can link their bank account or credit card to their PayPal account to facilitate online payments.
Apple Pay and Google Pay
Apple Pay and Google Pay – These mobile payment methods are becoming increasingly popular in Germany, allowing users to pay with their smartphones at establishments that accept these options.
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