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) is the largest Greek bank, offering a full range of banking and financial services, including retail banking, corporate banking, investment solutions, loans, and asset management. NBG serves individuals, businesses, and institutions across Greece, providing innovative digital banking services and supporting the national economy.
Piraeus Bank
Piraeus Bank Greece is one of the largest Greek banks, providing a comprehensive range of financial services, including retail banking, corporate banking, asset management, loans, savings accounts, and investment solutions. The bank serves individuals, businesses, and institutions, offering innovative digital banking services across Greece.
Alpha Bank
Alpha Bank Greece is a leading Greek bank offering a wide range of financial services, including retail banking, corporate banking, investment banking, and asset management. The bank serves individuals, businesses, and institutions, providing innovative loans, savings accounts, investment solutions, and digital banking services across Greece.
Eurobank Ergasias
Eurobank Greece is a leading Greek bank offering comprehensive retail banking, corporate banking, and wealth management services. Serving individuals, businesses, and institutions, Eurobank provides a wide range of financial products, loans, savings accounts, investment solutions, and digital banking services across Greece.
Attica Bank
Attica Bank is a Greek cooperative bank offering a wide range of retail banking services, loans, savings accounts, and financial solutions for individuals and small businesses. With a strong presence across Greece, Attica Bank supports local economic growth and community banking.
TEADY
National and Kapodistrian University of Athens Employees' Provident Fund (TEADY) is a Greek pension fund and financial institution providing retirement planning, savings, investment services, and financial management for its members. TEADY focuses on secure pension solutions, financial stability, and supporting employees of the University of Athens.
Pancretan Cooperative Bank
Pancretan Cooperative Bank is a leading cooperative bank in Crete, Greece, offering retail banking, loans, savings accounts, and financial services to individuals and local businesses. The bank focuses on community development, supporting the regional economy, and promoting cooperative banking principles across Crete.
Cooperative Bank of Chania
The Cooperative Bank of Chania is a regional cooperative bank in Crete, Greece, offering a range of retail banking services, loans, savings accounts, and financial solutions to individuals and businesses in the Chania region. The bank focuses on community development, local economic support, and cooperative banking principles.
Cooperative Bank of Thessaly
The Cooperative Bank of Thessaly is a regional cooperative bank in Greece, providing retail banking services, loans, savings accounts, and financial solutions to individuals and businesses in the Thessaly region. The bank actively supports the local economy, focusing on community development and cooperative banking principles.
Cooperative Bank of Serres
The Cooperative Bank of Serres is a regional cooperative bank in Greece, providing a wide range of financial services to individuals, SMEs, and local businesses in the Serres region. The bank focuses on community banking, retail banking, loans, savings accounts, and personalized financial solutions to support local economic growth.
N26
N26 is a leading German digital bank offering fully online banking services across Europe and the US. Known for its mobile-first approach, N26 provides checking accounts, savings tools, personal loans, and insurance with low fees, real-time notifications, and international money transfers. It supports cashless payments, fintech integration, and seamless digital banking, making it a top choice for tech-savvy customers seeking convenient, transparent, and innovative banking solutions. Regulated in multiple regions, N26 ensures secure mobile banking, efficient financial management, and enhanced user experience for personal and business clients.
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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