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Greece 2026

Market Overview
Payment Organisations DIAS, Hellenic Bankers Association
Domestic Payment Brands No domestic payment brands.
Market Structure  Greece has a cash-based economy. There were 216.1 card payments per capita in 2024.

The Greek crisis affected card usage from 2009. Card numbers declined to 13.2 million in 2014 but recovered from 2015.

For the first time in Greek history, from 2015 there were more debit card payments than credit card payments by number and by value. Debit card usage has risen strongly, driven by contactless usage.

Significant restructuring of the bank sector: four large bank groups remained: Alpha Bank, NBG, Piraeus Bank, and Eurobank. They sold their acquirer business in 2021 to Nexi, EVO Payments, Worldline, and Euronet Worldwide, respectively.

Also, Worldline bought the Greek POS network hub processor Cardlink from private equity investor Quest Holdings Group.

Emerging Open Banking payment ecosystem.
Notable Market Trends Contactless cards and terminals, HCE NFC, mobile payment apps.

Following the COVID-19 pandemic, remote online card transactions rose by over 117.40%, with value rising by over 19%.
Major Card Issuers Alpha Bank, National Bank of Greece, Eurobank, Piraeus Bank.
Major Card Acquirers Nexi, EVO Payments, Worldline, and Euronet Worldline.
Major Card Processors DIAS, Nexi (SIA), Euronet Card Services, in-house bank IT.
Key Statistics 2024
Population 10.53 million, with 1.72 payment cards per capita
Cards Debit: 15.73 million

Delayed debit: 20,986

Credit: 2.30 million

E-money: 4.10 million

Total: 22.67 million
Card Payments Debit: 2,086.39 million; value €37.61 billion

Delayed debit: 2.26 million; value €0.25 billion

Credit: 186.90 million; value €8.00 billion

Total: 2,283.77 million; value €65.08 billion
POS Terminals 1,324,916
POS Payments All cards: 1,313.53 million; value €36.08 billion
ATMs 6,113
ATM Withdrawals All cards: 166.64 million; value €41.59 billion
Digital A2A Payments Credit Transfers: 674.0 million, value: €894.9 billion

Direct Debits: 33.58 million, value: €5.6 billion
Note: since 2014, the Bank of Greece statistical reporting has been aligned with ECB standards.

Note: Italic forecast figures for 2025F are estimated in the payment market context based on 2024 figures.
Source: ECB, Bank of Greece (BGR), Hellenic Bank Association (HBA).

Introduction – Payments in Greece

Greece is a unitary parliamentary republic and joined the European Union in 1981. Although a member of the euro zone, Greece’s potential exit in order to manage the now-expired Greek government debt crisis was a long-running political issue which ended in 2015 upon an EU bailout being extended.

Greece’s payment market is making steady progress on digital payments, although it remains one of the biggest cash-based economies in Europe. Use of internet banking remains low compared to other EU markets, although bank mobile apps are gaining in traction.

The introduction of contactless has driven significantly more low-value transactions towards debit cards, as evidenced by the strong rise in debit card numbers and transactions over the last few years. However, credit cards continue to be the mainstay of the Greek payment card market, in line with the country’s dependence on all forms of consumer credit.

The adoption of the revised Payment Services Directive, PSD2, and disruptive technologies have set the stage for digital payments for the digital economy in Greece. They have accelerated digital payment transformation and mobile payment services, as well as cardless IBAN-based payments directly from bank accounts.

In the last decade, Greek consumers have embraced mobile devices such as tablets, smartphones and Internet of Things (IoT). This change significantly impacts their shopping experience. Consumers have become increasingly connected and they have started to purchase anywhere, at any time, from any device.

In addition, new consumer demands are a game changer. Greek consumers like digital banking apps with access to all their accounts at different banks in one single app, with the option to make payments directly from their bank account of choice. Additionally, they appreciate more banking services and payment services added to their mobile banking app. Consumer adoption of digital payments in Greece is driven by minimal cost, secure payments and a high level of user convenience.

Driven by the development of social media and mobile devices, the emergence of permanently connected consumers has impacted their interactions with brands but also their expectations of how to shop using the increasing number of touch points between consumers and merchants, e.g.:

The ongoing rollout of a mature online and mobile communication infrastructure is an enabler for digital card payment transformation and for Open Banking payments in Greece.

In a few years from now, mobile banking apps and mobile payment apps are expected to combine account management, digital payment services, personal finance management and value-added digital services from location finders to digital vouchers.

Cash payments, card payments and cardless payments directly from bank accounts (A2A payments) remain all relevant for Greek merchants and are heavily used by Greek consumers.

This country profile provides an introduction into two competing payment ecosystems in Greece:

Legal Framework for Payment Services

The legal framework for European payment services is a joint project undertaken by the European Commission as the regulator, the European Central Bank (ECB) as the Euro System, and the European Payments Council (EPC) with the objective of standardising payments in Europe and to remove existing barriers, promote cross-border competition between payment services, strengthen the European internal market and drive the digital payment transformation.

Based on its vision, the EU Commission has therefore created a unique legal framework for cashless B2C and B2B payments that supersedes pre-existing national legislation and is binding for financial service providers and payment service providers throughout the EU.

Greece has largely transposed this legal framework into its national payment legislation.

Historically, there has been a de facto national regulation of all Greek payment schemes with high technical barriers to ensure and defend payment security.

With the implementation of the payment services directive, all payment services in Greece are based on the unique legal framework for payment services of the European Commission effective in the European Economic Area (EEA).

In addition, the respective rules and regulations of the domestic card scheme and the international card schemes continue to be applied by the card payment service providers (e.g. EMV, PCI, RTS SCA, and SEPA Cards Framework), respectively.

Legal Framework relevant for Payment Services in Greece

The revised Payment Services Directive, PSD2, had established a legal and regulatory framework for payment services providers, enforcing several protections for their clients such as safeguarding of funds; and required them to execute processes in accordance with banking regulations, such as KYC and AML. It has already resulted in significant progress regarding the integration of the European retail payments markets.

Following the alignment with the EEA region, the legal framework for payment services in Greece includes the directives and regulations of the European Commission (EC), the ECB, and/or the national central bank (NCB) of the individual country.

All card payment service providers and all cardless payment service providers of the Open Banking payment ecosystem must apply for the European legal framework including:

Revised Payment Services Directive (PSD2)
PSD2 is the key directive for borderless banking and payment services in Europe.
Among others, PSD2 regulates digital payment services and payment service providers such as payment institutions, e-money institutions, payment initiation service providers and account information service providers. PSD2 formulates the Open Banking Mandate for regulated access to payment accounts.

General Data Protection Regulation (GDPR) – effective from May 2018
GDPR establishes a regulatory framework for customer control of their data through consent mechanisms, the right to be forgotten and the right to retrieve all personal data for re-use at other service providers of choice, thereby preventing a ‘lock-in’ situation.

E-Money Directive (EMD)
The EMD sets out the rules on the business and supervision of e-money institutions.

Anti-Money Laundering Directive (AMLD)
The AMLD6 aims to improve the harmonisation of the criminal liability of money laundering and terrorist financing across the EU27.

Customer Rights Directive (CRD)
CRD gives consumers the same strong rights across the EU. It aligns and harmonises national consumer rules, for example on the information consumers need to be given before they purchase something, and their right to cancel online purchases, wherever they shop in the EU.

EU Price Regulation for cross-border payments
In 2001, Regulation (EC) No 2560/2001, followed in 2009 by Regulation (EC) No 924/2009, fixed uniform underlying conditions for processing cross-border payments in euro, and the fees for intra-EU cross-border payments in euro were aligned with those for domestic payments in euro.

SEPA End-Date Regulation
SEPA payment instruments replaced domestic A2A payment instrument formats for euro payments.

Card Interchange Fee Regulation (IFR)
The IFR caps interchange fees for payments with consumer cards, effective from 9 December 2015. It increases transparency on fees thus permitting retailers to know the level of fees paid when accepting cards.

Domestic bank service laws
Complementary to EC directives and EC regulations.

Characteristics of the PSD2 Outlook: PSD3 and PSR

The adoption of PSD2 has formalised the relationship between banks and trusted payment providers (TPPs) by establishing the Open Banking Mandate providing open access to customer account data and the payments infrastructure. This is expected to stimulate the FinTech market to develop new integrated services models for both consumer and business customers.

This regulation is a reaction to the growing demand from customers as mobile and internet applications have become widely adopted, driving expectations in how services should be delivered across all industries. Other market segments have adopted Open Banking APIs to respond to this demand and shown that innovative applications can grow business and change customer behaviour.

PSD2 has a significant impact on the European payments industry. According to the EC, the revised Payment Services Directive brings several new important elements and improvements to the EU payment market e.g.:

In 2022, the regulator started a PSD2 review process, which will end up in a revised PSD2 dubbed PSD3. While consultations are currently ongoing, the revisions are expected to address the achievements of the PSD2 and evaluate the need for a revised standard.

Proposed EC Revisions to the EU Payment Services Regulation – PSD3 and PSR 

In June 2023, the European Commission (EC) published its proposed revisions to EU payment services legislation, as well as a proposal on Open Finance/data access in the financial services sector beyond Open Banking/payment accounts in the form of a new Open Finance framework called “FIDA”.

Essentially, the EC is proposing that PSD2 would be split into two different instruments. These will ensure consumers can continue to make electronic payments and transactions safely and securely in the EU, domestically or cross-border, in euro and non-euro. Whilst safeguarding their rights, it also aims to provide greater choice of payment service providers on the market:

The objective of the regulation is to enhance harmonisation of the rules and enforcement across the various EU Member States. In addition, the EC proposed to merge the E-Money Directive (EMD2) with the proposed PSD3 and PSR texts, so as to have one coherent regime for both payment services and e-money services, and thereby ensure a level-playing field between PIs and EMIs.

PSD3 also amends the Settlement Finality Directive (SFD) in order to allow non-bank PSPs (e.g. PIs and EMIs) to participate directly in SFD-designated payment systems. Fintechs will be given access to all EU payment systems, with appropriate safeguards, and giving them a right to have a bank account. That way, those non-bank PSPs would no longer need to rely on banks in order to execute payment transactions.

A system to check IBANs and a platform to enable payment service providers to share fraud-related information are two proposals around consumer protection, including an extension to all credit transfers of IBAN/name-matching verification services. These have been proposed by the Commission for instant payments in Euro. All consumers should benefit from them, for both regular and instant credit transfers.

The European Banking Authority (EBA) is given once again a number of mandates under PSD3 and the PSR to prepare draft regulatory technical standards (RTS) and draft implementing technical standards (ITS), ultimately to be adopted by the EC, as well as guidelines, and to continue maintaining the register.

In 2024, significant progress was made in updating PSD2. In April 2024, the European Parliament adopted the European Commission’s proposals for PSD3 and PSR at first reading. While the exact timelines for enforcement are not yet confirmed, it is anticipated that the finalised versions of PSD3 and PSR may become available by 2025.

In 2025, the EU made substantial progress toward finalising PSD3 and PSR, marking the next major phase in the evolution of Europe’s payment services framework. In June 2025, the Council of the EU reached agreement on compromise texts for both legislative instruments, subsequently endorsed by COREPER (the Committee of Permanent Representatives), enabling the start of trilogue negotiations with the European Parliament and the European Commission.

These negotiations aim to align positions on key issues, including liability for payment fraud, direct access of non-bank payment service providers to payment systems, and strengthened consumer protection. Final adoption and publication of the legislative package are expected by late 2025, after which the PSR will apply directly across all EU Member States, while PSD3 will require national transposition within approximately 12–18 months. This means the new framework could come into practical effect during 2026–2027.

The 2025 developments reaffirm the EU’s objective to harmonise payment regulation, enhance security and consumer rights, and create a more competitive and innovative payments landscape across the single market.

General Data Protection Regulation (GDPR) 

The General Data Protection Regulation (GDPR) is a legal framework that sets guidelines for the collection and processing of personal information from individuals who live in the European Union (EU). Since the Regulation applies regardless of where websites are based, it must be heeded by all sites that attract European visitors, even if they don’t specifically market goods or services to EU residents.

Adopted in April 2016, the Regulation came into full effect in May 2018, after a two-year transition period. The GDPR replaces the Data Protection Directive 95/46/EC and is designed to:

The GDPR mandates that EU visitors to all websites must be given a number of data disclosures. Sites must also take steps to facilitate such EU consumer rights as timely notification in the event of personal data being breached (breach notification). Among others, the GDPR mandates the user’s right to access their data and the right to be forgotten. In addition, the conditions for consent have been strengthened, and companies are no longer able to use long, illegible terms and conditions full of legalese. Also, it must be as easy to withdraw consent as it is to give it.

eIDAS Regulation and Digital ID Trends

The electronic Identification, Authentication and Trust Services regulation (eIDAS) is a set of EU standards and regulations for electronic identification and trust services for electronic transactions in the European Single Market. It was established in the EU Regulation as of 23 July 2014, relating to electronic identification, and repeals directive 1999/93/EC from December 1999. It entered into force on 17 September 2014 and applies from 1 July 2016 except for certain articles, listed under its Article 52.

In June 2021, the European Commission proposed an update to eIDAS that will enable every European to have a set of digital identity credentials recognised anywhere in the EU. In May 2024, Regulation (EU) 2024/1183 entered into force, formally establishing the European Digital Identity (EUDI) Wallet under the revised eIDAS 2.0 framework. The regulation requires all EU Member States to provide at least one interoperable digital identity wallet within 24 months of the adoption of the implementing acts, placing the expected rollout across the EU by late 2026.

Throughout 2025, the European Commission has continued to issue implementing regulations defining the wallet’s technical architecture, certification procedures, and security requirements. The framework embeds privacy-by-design, data minimisation, and user consent principles, ensuring data remains under user control and stored locally on the user’s device.

Pilot projects launched between 2023 and 2025 have been finalising testing across Member States to validate interoperability, usability, and cross-border functionality. From 2026 onward, public and private entities that require strong electronic identification will be expected to recognise and accept the EUDI Wallet for secure authentication and digital transactions across the EU.

Many digital ID schemes operate based on super-secure passwords and/or mobile apps confirmed by a second factor, either passwords or one-time token or biometric factors such as fingerprints.

Digital ID in Europe has been proliferating rapidly in recent years. To date, both the nature of these schemes and their application have varied widely – for example, BankIDs in the Nordics being used to support instant payments and the delivery of harmonised government services.

eID platform initiative – In May 2017, a group of European companies including banks, vehicle manufacturers and technology providers signed a “corresponding declaration of intent” to establish a joint, pan-industry platform that will let their customers use a so-called “master key” for registration and identification when accessing online services across a range of sectors including government, aviation and retail.

Biometric Authentication Services

As a form of digital identity, biometric factors have been gaining ground across Europe in recent years, especially since the EU mandated their use for national ID cards and passports from August 2021.

In the payments industry, European banks, and other account servicing payment service providers (ASPSPs) have started to support new biometrics technology companies that will develop client identification and authentication systems. They will be dedicated to the research and development of software for the digital verification and authentication of personal identity, through facial, voice, image or document recognition, or fingerprint reading.

With the EU regulator’s decision to mandate Strong Customer Authentication (SCA) as part of the revised payment services directive, PSD2, biometric authentications look set to grow further in importance as part of the payments landscape.

Companies such as Sweden’s Fingerprints (for online payment ID) and the UK’s Fingopay (for physical payments) have pioneered their use in P2P and P2B transactions, while some national ID schemes such as BankID in the Nordics and nemID now include biometric factors alongside PIN in their log-in processes.

Fingerprints (Sweden): Continues to lead development of biometric sensors, especially for fingerprint-enabled payment cards and mobile devices in Europe, supporting both remote (online) payment ID and card-based transactions since 2025.​

Fingopay (UK): Specialises in vein recognition systems for physical payments, with deployments in retail, hospitality, and transport, pioneering biometric authentication for point-of-sale transactions and peer-to-peer (P2P) settings.​

National ID Schemes: Nordic BankID services (Sweden, Norway) and Denmark’s NemID (transitioning to MitID) now commonly offer biometric log-in options—such as face and fingerprint authentication—alongside traditional PIN/password, used for identification in financial, public, and private sector services.

Biometric Authentication in European Payments

Additional Trends and Initiatives for 2025

Mastercard Identity Check – Mastercard launched Identity Check in October 2016, pioneering biometric authentication for online card payments across much of Europe.​ 3D Secure (EMV 3DS) is the framework enabling these secure authentications, often using SMS codes, push approvals, or biometrics (fingerprint/face).​

Since 2024, Mastercard has expanded Identity Attribute Verification services, integrating them with new European Digital Identity Wallet pilot programs. This supports not only consumer-to-merchant payments but also richer identity checks (age, address), further reducing friction without compromising security.​

Today, 2-factor authentication for Mastercard payments may use one-time codes, fingerprint/face recognition in mobile apps, and sometimes dedicated hardware or behavioural biometrics, complying with PSD2’s Strong Customer Authentication (SCA) mandate.​

Mastercard Identity Check (EMV 3-D Secure) is supported in all European Economic Area (EEA) countries, the United Kingdom, and most other European markets, along with global acceptance in North America, APAC, and Latin America through Mastercard’s international network.​

For Europe specifically, this means Mastercard Identity Check is available in at least 30 countries (all EEA states plus the UK, Switzerland, and several others). The number continues to grow with compliance expansion and global merchant adoption.

Banking Sector

The Bank of Greece (BGR) is the national central bank in Greece and supervises the Greek banking operations. Established in 1927, the Bank of Greece is an independent institution operating in accordance with the Statute of the Bank of Greece. It is a member of the European System of Central Banks (ESCB). The legal framework in which Greek financial institutions and companies operate is based on European Union directives and Greek banking laws.

The Greek economy has been front-page news since 2010 as its fiscal problems were the focal point of the most severe crisis for the euro since its creation. This has led to a three-year EU-IMF fiscal stability programme which reshaped the Greek banking sector during the period 2010-13.

The fiscal crisis and its impact on the wider economy have clearly affected the country’s banking sector. Banks experienced a rise in loan losses, with several pursuing capital increases. ATEbank, the former Agricultural Bank of Greece, was one of the seven European banks that failed the EU-wide stress test co-ordinated by the Committee of European Banking Supervisors (CEBS).

The Greek Economy stalled in 2016 for a second consecutive year (2015: -0.2%, 2016: 0%) yet showed signs of resilience despite the imposition of capital controls in July 2015. In 2018, the Greek economy began to recover from its period of stagnation, with growth of 1.6% in 2018 and 1.9% in 2019. Initial GDP growth estimates for 2020 were in the range of 2%, but the economic impact of the COVID-19 pandemic led to a decline of 8.2% for 2020. In 2021, the Greek economy rebounded rapidly, with real GDP growing by 8.3%, driven by a strong resumption in exports of goods and services, tourism in particular, higher gross fixed capital formation, and a recovery in private consumption. In 2022, Greece’s economy grew at a faster pace than forecast by 5.9% but at a slower pace than the initial forecast of 4.8%, riding on the post-pandemic increase in tourism. The Greek economy posted solid growth in H1 2023, driven primarily by consumption and net exports. On the back of increasing domestic demand with the full recovery of tourism, real GDP growth for the remainder of the year was expected to be solid, averaging 2.4% for 2023 as a whole. As at end of 2023, the GDP growth rate recorded had dropped to 2.0% due to rising inflation, high energy prices, and global economic uncertainty. In 2024, Greece’s economy expanded by 2.3%. This was largely fuelled by private consumption, investment and the buildup of inventories.

Inflation, as measured by the Harmonised Index of Consumer Prices (HICP), having fallen to -1.3% in 2020, partly rebounded to 0.6% in 2021, well below the euro area average. In 2022, prices escalated, and inflation surged to 9.6% in line with surging commodity prices (especially energy prices). A de-escalation of inflation was expected in 2023, conditional on a restoration of global supply chains and a decline in energy prices.

The inflation rate as at end 2023 was 3.5% due to easing energy prices which drove down inflation. By 2024, inflation eased further to 2.9% due to moderating commodity prices.

The Hellenic Financial Stability Fund (HFSF) was founded in July 2010 under Law 3864/2010 as a state-owned private legal entity with the purpose to “contribute to the maintenance of the stability of the Greek banking system, for the sake of public interest”. It began its operation on 30 September 2010 with the appointment of the members of the fund’s Board of Directors. The fund has been seeded by the European Financial Stability Facility (EFSF) with €50 billion to recapitalise Greece’s banks. As a condition of the HFSF participation, Greek banks are required to reduce their Non-Performing Exposures (NPEs) – including to all types of consumer loans. This is particularly relevant with regard to declines in the consumer credit market, including credit cards.

On 4 November 2014, the European Central Bank (ECB), via the Single Supervisory Mechanism (SSM), assumed responsibility for supervising the financial stability of banks operating within the euro zone. However, while the ECB has final supervisory authority over all banks operating within the euro zone, it will only directly supervise those banks classified as ‘significant’ under the terms of the SSM (by July 2025, 114 significant banking groups have been recognised). All other ‘less significant’ banks continue to be supervised by the Bank of Greece.

The main developments in the Greek banking system in 2015 were the strengthening of banks’ capital base through capital increases with a strong private investor uptake. Also, the bank holiday and the imposition of restrictions on cash withdrawals, cross-border payments and capital movements, and other bank transactions, and the smaller-than-anticipated impact of these restrictions on bank aggregates.

In 2016, the new fiscal measures, together with the widespread use of electronic payments, broadened the tax base, contributing to a significant increase in public revenue and reduced the scope for concealing income.

As of 2021, the Greek banking sector had remained resilient in the wake of the COVID-19 pandemic, but a high stock of non-performing loans (NPLs) and the quality of prudential own funds remain the biggest challenges facing the financial system, according to the Bank of Greece. According to available data, the stock of NPLs on Greek banks’ balance sheets declined further in 2021, mostly through loan sales of €27.5 billion under the Hellenic Asset Protection Scheme. NPLs stood at €18.4 billion at end-December 2021, down by €28.8 billion from end-December 2020 and by €90.3 billion from their March 2016 peak. The stock of NPLs as a percentage of total loans (12.8%) remains well above the EU average of 2.1%.

By 2022, the key figures of the banking sector improved substantially, showing that the sector is now better placed than in the past to absorb international market shocks. During the year, the operational target to improve asset quality was achieved and non-performing loan (NPL) ratios were reduced to a single-digit level (December 2022: 8.7% of the loan portfolio, from 12.8% in December 2021) mainly using the government guarantees scheme (known as “Hercules”). Non-performing loans (NPLs) continued their downward trend; as a result, at the end of the year the total stock of NPLs stood at €13.2 billion, reduced by 28.2% or €5.2 billion compared to the end of 2021 (€18.4 billion). Nevertheless, the stock of NPLs remains well above the corresponding European average (December 2022: 1.8%).

In 2024, the non-performing loan (NPL) declined further to 3.8% in 2024, from 6.7% in 2023. The total stock of non-performing loans (NPLs) stood at €6 billion, down by 39.8% compared to December 2023.

Structure

At end-2024, there were 34 credit institutions incorporated in Greece, 19 branches of banks incorporated in other EU countries, and 2 branches of banks incorporated in other countries. There were also 6 representative offices of foreign banks in Greece as of 2024.

The banking sector is dominated by just four banks: Eurobank Ergesias, National Bank of Greece Group (NBG), Piraeus Bank Group, and Alpha Bank. Their market share amounted to 96.21% by total bank assets. As at end 2024, the Hellenic Financial Stability Fund (HFSF) was a shareholder in National Bank of Greece Group (NBG) and Piraeus Bank Group (8.4%, 27% respectively). All four Greek systemic banks are under SSM supervision as of November 2014. Table 1 illustrates the main Greek banks as at end-2024. In its 2018 Annual Report, the HFSF reported that 67% of Board Members and 79% of Non-Executive Directors (NEDs) at banks under its supervision had been replaced as part of an ongoing review of governance in Greek banking, with some 71% of replacements being sourced from international banking.

1 - Main Greek Banks 2024
BankOwnershipTotal assets (€bn)Market ShareBranchesATMs
Eurobank GroupInstitutional Investors: 94.04%, Non-Institutional Investor: 5.96%101.229.75% 266 1,186
Piraeus Bank GroupInvestors: 65.0%, individuals: 8%, HFSF: 27%80.023.54% 368 2,117
National Bank of Greece GroupInternational investors: 72.46%, others: 19.14%, HFSF: 8.4%75.022.05% 318 1,406
Alpha Bank GroupInstitutional Investors: 78%, UniCredit: 9.6%, Others: 12.471.020.87% 249 1,193
Attica Bank (rebranded as CrediaBank)Thrivest: 54.6%; HFSF: 36.2%, Others: 9.3%7.52.22% 86 146
Other banks5.41.57%66119
Total340.0100.00% 1,353 6,167
Note: as the Greek branch of HSBC France, HSBC Bank Greece is not included in Greek total bank assets.
Note: state-owned Hellenic Financial Stablisation Fund (HFSF) owns stakes in the leading Greek banks.
Source: Hellenic Bank Association (HBA)

By end-2013, the consolidation process in the Greek bank sector reshaped the four large Greek banking groups and a few other minor banks players (see Appendix). By mid-2025, the large commercial banks are:

The activity of Greek banks in southeast Europe (SEE region) currently focuses on three countries: Romania, Cyprus and Bulgaria. Other countries include Serbia, Albania, FYROM (Macedonia), and Ukraine. However, the restructuring process is ongoing.

In April 2017, Alpha Bank completed the sale of its Serbian subsidiary to AIK Banka. Piraeus Bank sold its wholly owned subsidiaries in Romania, Serbia, Albania, and Bulgaria between 2017-2019, and is planning to sell its wholly owned subsidiary in the Ukraine, although as of mid-2025 there were no developments. The National Bank of Greece announced plans to sell its Cyprus operations in November 2019, but as of 2020 plans had stalled. In January 2020 National Bank of Greece sold its operations in Romania, with the deal closing in May 2021. It has also sold its operations in Serbia, Bulgaria, and the South African Bank of Athens.

In 2017, France’s Crédit Agricole sold its Credicom Consumer Finance Bank to Atlas Merchant Capital. It marks the French bank’s exit from Greece.

According to HFSF, in March 2020, the demerger of Eurobank Ergasias was completed through the spin-off of its banking activities and the establishment of a new entity under the name Eurobank. Following completion of the demerger, Eurobank Ergasias ceased to exist as a banking entity and has been renamed to Eurobank Ergasias Services and Holding while at the same time it became the sole shareholder of Eurobank Bank.

Meanwhile, in August 2020, the board of directors of Piraeus Bank approved the bank’s hive-down. The demerger was realised following Piraeus Bank’s Extraordinary General Meeting resolution in December 2020. Similarly, in September 2020 Alpha Bank approved its respective hive-down, which was formalised in April 2021. In both cases, the HFSF voted in favour of the demergers.

In August 2020, HFSF no longer had voting rights in Attica Bank.

Eurobank, the largest bank in Greece by assets in 2024, was formed from the merger of Eurobank and Ergobank (see Appendix), and it had been controlled by the Geneva-based Latsis family. In 2012, it changed its name from Eurobank EFG to Eurobank Ergasias (Eurobank). Eurobank holds a strategic position in retail and business banking in Bulgaria and Serbia, as well as offering Wealth Management services in Cyprus, Luxembourg, and London. In 2024, Eurobank reported 266 retail branches in Greece and 240 branches in three south-east European countries (Cyprus, Bulgaria, and Serbia), in Luxembourg, and in London. In 2018, Eurobank sold its Romanian unit to Banca Transilvania. In 2019, Eurobank announced that it would merge with Grivalia, a Greek asset management firm focused on the property and financial services sectors, and it said it would be accelerating its disposal of non-performing assets.

In November 2015, Eurobank Ergasias’ subsidiary in Bulgaria, Eurobank Bulgaria (Postbank), bought the operations of Alpha Bank’s Branch in Bulgaria. In 2016, TAS Group (UA) bought Eurobank’s Ukrainian subsidiary, Universal Bank. In 2018, Eurobank added to its Bulgarian portfolio by purchasing the Bulgarian operations of Piraeus Bank.

Eurobank has an exclusive cooperation agreement with Hellenic Post (ELTA), which allows Eurobank customers to use banking services at the Hellenic Post branch network. With 465 branches and 116 ATMs throughout Greece, the Hellenic Post network provides extensive nationwide service, in both urban and remote areas where the banking presence is virtually non-existent.

In December 2021, the merger of the Bank’s subsidiary in Serbia “Eurobank Serbia” with Direktna Banka was completed, after the necessary approvals from the relevant authorities were obtained and the combined Bank was renamed ‘Eurobank Direktna’. In March 2023, the Bank announced that it had signed a binding agreement with AIK Banka in Serbia for the sale of Eurobank Direktna, the Bank’s subsidiary in Serbia. In November 2023, the Bank announced that the sale of its 70% shareholding in Eurobank Direktna a.d. to AIK Banka a.d. Beograd was completed.

Piraeus Bank is the second largest Greek bank group by total bank assets. In 2013, Piraeus Bank absorbed ATEbank and Geniki Bank. In 2024, it had 368 branches in Greece and 16 branches in two countries abroad. The branch network in Greece was reduced by 10 units during 2024. Piraeus Bank Group served 4.5 million active customers and had 2,092 ATMs in 2024.

In July 2012, Piraeus Bank bought a major part of ATEbank (excluding the bad bank part). At end-2012, Piraeus Bank bought Geniki Bank, the subsidiary of Société Générale, with 80 branches in 2013.

In 2013 Piraeus Bank Group successfully completed a series of financial system business activities, with absorption of “healthy” part of ATEbank portfolio, acquisition of activities of three Cypriot banks (Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank) and the acquisition of Millennium Bank.

In April 2015, Piraeus Bank absorbed the good part of Panellinia Bank in Greece. In May 2015, Piraeus Bank sold its stake (98.5%) in Piraeus Bank Egypt to Al Ahli Bank of Kuwait.

In October 2017, Piraeus Bank sold its Serbian operations to Serbian Direktna Banka for €61 million. In June 2018, Piraeus Bank completed the sale of Piraeus Bank Romania to private investor firm J.C. Flowers. In June 2019 Piraeus Bank sold its Bulgarian subsidiary to Eurobank.

In December 2020, the core banking operations of the Piraeus Bank were demerged, by way of hive down, and were contributed into a newly formed credit institution incorporated under the corporate name Piraeus Bank Société Anonyme. Piraeus Bank ceased to be a credit institution, retained activities, assets and liabilities not related to core banking activities, and changed its corporate name to Piraeus Financial Holdings Société Anonyme, which became the 100% shareholder of Piraeus Bank Société Anonyme.

National Bank of Greece (NBG) – is the second largest Greek bank group by total bank assets. It provides a full range of financial products and services. NBG is one of the largest financial groups in Greece, with a strong presence in southeast Europe and eastern Mediterranean. In 2024, the NBG Group operated in North Macedonia, Cyprus, Romania, Bulgaria, Luxembourg, Netherland and UK. Between 2016 and 2019, the bank sold operations in Turkey (Finansbank), Albania, Romania, and South Africa (see below for details), and announced plans to divest its operations in Egypt and Cyprus at the earliest opportunity. In May 2019 the bank signed an agreement to sell its Egyptian operation to Bank Audi Egypt. However, in November 2019, Bank Audi terminated the agreement and ended its interest in February 2020. In May 2021, having failed to divest its Egyptian entity, NBG announced it was terminating its Egyptian operations after submitting a formal request to the Central Bank of Egypt. In November 2019, NBG signed an agreement to sell its Cyprus operations to AstroBank. As of 2020 the deal was terminated, leaving the Cyprus operations till under NBG control.

As of 2021, NBG announced it was winding down operations in Egypt and significantly reducing operations in Cyprus. In addition, it announced the winding down of its UK branch due to Brexit-related limitations, and operations in Malta, with restructuring to be completed in 2022. Following the respective Bank’s decision in 2021, the Group ceased its operation in Egypt, Malta, and NBG London Branch; therefore, the NBG Egypt Branch, the NBG London Branch, and the subsidiaries NBG Malta Ltd (formerly known as NBG Bank Malta Ltd) and NBG Malta Holdings Ltd are currently under liquidation. In April 2024, the Cyprus Branch transferred its operations to NBG Cyprus Ltd. The liquidation of NBG London Branch, Cyprus Branch and NBG Leasing SRL was completed.

As of 2024, NBG had a total of 313 branches, five transaction offices, and 1,406 ATMs (539 onsite and 867 off-site), serving 6 million customers.

Alpha Bank is the fourth largest bank group in Greece by total bank assets. The Alpha Bank Group offers a wide range of high-quality financial products and services. At end-2024, it had 249 branches and 1,193 ATMs in Greece and 14 branches are established abroad. Alpha Bank Group served 5.5 million customers in 2022. In November 2024, Alpha Bank and UniCredit Bank announced that, having received approvals from all relevant authorities and following completion of the due diligence process, UniCredit has acquired from Alpha, a 90.1% stake in Alpha Bank Romania.

At end-2012, Alpha Bank absorbed Emporiki Bank, the subsidiary of Crédit Agricole. In June 2014, Alpha Bank bought the retail bank business of Citibank Greece, including Diners Club Greece. The integration was complete in July 2015.

In November 2015, Alpha Bank sold the operations of Alpha Bank’s Branch in Bulgaria to Eurobank Ergasias’ subsidiary in Bulgaria, Eurobank Bulgaria (Postbank). The transaction was complete effective from 1 March 2016. In May 2016, the sale of 100% of Alpha Bank A.D. Skopje to Silk Road Capital was complete.

Following a sale process that commenced in May 2016, Alpha Bank entered, in January 2017, an agreement with the Serbian AIK Banka on the sale of Alpha Bank’s 100% stake in Alpha Bank Srbija. The transaction was concluded in April 2017.

In 2021, Alpha International Holdings entered into a binding agreement with OTP Bank in relation to the acquisition of Alpha Bank Albania by the latter. Alpha Bank Albania has been classified as a discontinued operation. In July 2022, the sale of the entirety of the shares of Alpha Bank Albania to OTP Bank Plc was completed.

During 2021, the Alpha Bank Group was established following the hive down of Alpha Bank, with the spin-off of its banking activity. In April 2021, the incorporation of the new company was licensed to operate as a credit institution under the name Alpha Bank, which continues its operation through the existing organisational structure, network of branch offices and premises.

Attica Bank is the fifth largest bank group in Greece by total bank assets. It focuses on providing credit to small and medium enterprises and private individuals. Attica Bank was owned by the Thrivest Holding Ltd (54.56%), Pension Fund HFSF (36.16%), and other individual and institutional investors (9.28%) for the balance in 2023. Attica Bank reported 37 branches in Greece at the end-2023.

Attica Bank’s ATM comprised 63 ATMs in 2023. Attica bank completed a merger by absorption of Pancreta bank in Greece in September 2024. Following the merger, the combined entity will be known as ‘Credia Bank’.  In early 2022, Attica Bank decided to sell its POS activity as well as the gradual disposal of its investment properties.

HSBC Bank Greece changed its ownership status from January 2018. HSBC Greece, which is a branch of HSBC Bank UK, functions as a Greek branch of HSBC France in order to follow UK banking rules. In Greece, the HSBC Group has been active since 1981. HSBC Greece offers banking services to individuals as well as to corporate and institutional clients.

HSBC France is based in Paris and supervised by the European Central Bank (ECB), as part of the Single Supervisory Mechanism (SSM), and the French Prudential Supervisory and Resolution Authority (ACPR) as the French National Competent Authority. The French Financial Markets Authority (AMF) also supervises HSBC France for the activities carried out over financial instruments or in financial markets.

In March 2022, HSBC Continental Europe announced that it had reached an agreement to sell its branch operations in Greece to Pancreta Bank. The sale was completed in July 2023.

Digital Challenger Banks 

A number of digital challenger banks have entered Greece, e.g. N26, Revolut, and Wise (formerly TransferWise). They already have a clear Open Banking strategy in place.

In parallel, many Greek banks co-operate and partner with trusted digital payment providers and FinTechs to prepare for the Open Banking ecosystem, enrich their digital banking services, and to offer additional mobile banking app features.

Praxia Bank – In 2018, Greek digital challenger bank Praxia announced its intention to enter the Greek banking market. It purchased Credicom Consumer Finance in 2018 and in 2019 it became the first Greek bank to offer deposit accounts denominated in international currencies in partnership with Raisin, one of Europe’s largest deposit marketplace platforms. Praxia Bank aimed to be fully operational by the end of 2019. However, the Bank of Greece intervened to order Praxia to increase its capital reserves by €30 million. Having failed to do so, in January 2020 Praxia Bank was sold to payments processor Viva Wallet, a cloud-based payments processor.

In April 2021, Viva Wallet secured $80 million through its latest investment round. The company has raised €500 million in capital to support its virtual banking business. Viva Wallet is currently live in nearly 25 European markets, with plans to expand that to Croatia, Hungary, and Sweden. In 2020, Viva Wallet had revenues of €44 million. In early 2022, Viva Wallet signed a deal with JP Morgan, with the latter acquiring approximately 49% of the online bank. By the end of 2024, Viva Wallet reported revenues of €205.8 million from €162.3 million in 2023.

In May 2020, Woli, an Athens-based start-up, was established to create a digital banking offering for families. It aimed to launch in the first quarter of 2021. The prepaid card and mobile app will allow parents to automate digital payments of pocket money or pay their children instantly.

In March 2022, Woli raised €700,000 in a seed round led by FinTech investors including Eleven Ventures, Plum Fintech, and others.

Woli continues to position itself as Europe’s “super app” for family finance and youth digital banking, but as of mid-2025, it is not accepting new registrations (likely limited by capital, product revision, or regulatory updates).​

The app remains live for existing customers, but public expansion is paused pending strategy updates.

The company is focused on developing partnerships with banks (Woli for Banks), platform enhancements, and deeper educational modules.

Digital Banking

All Greek retail banks offer online banking services and mobile banking apps to their clients. Services available include balance and transaction reporting and payment initiation. In 2024, 54% of Greeks were e-banking users, up from 52% in 2023. Like card use, online banking showed significant growth rates in 2024.

As a result of the imposition of capital controls in 2015, consumers increased the number of digital transactions they made. In response, the country’s banks, such as Piraeus Bank, which has launched a number of e-branches, have been expanding their digital services.

There is no bank-independent electronic banking standard in Greece; each bank offers its own proprietary system for corporate banking purposes. Mobile banking apps with added mobile money transfer services include PayPal.

Piraeus Bank – During 2021, Piraeus Bank reported 5.5 million active customers. There was also a 3x increase in the number of winbank online registrations to over 328,000 users in 2020. As of 2020, 94% of all transactions were made through digital channels, with over 600,000 customers transacting online per week, a rise of 26% from 2019.  In total, Piraeus Bank reported 2 million active e-banking users in 2020.

In 2024, Piraeus Bank reported an increase in the transaction migration index (e-banking digital index), with 99% of the bank’s total service transactions going through digital channels, from 96% in 2022. In 2024, the financial transactions conducted through digital channels increased by 15% compared to 2023. In 2024, the number of digital banking active users increased by 7% compared to 2023. There was a significant increase of 15% in mobile active users in 2024 and digital sales through e-banking increased to 19% from 14% in 2023.

During 2021, Piraeus Bank entered into a strategic joint venture with Natech for the creation of BankTech, an independent digital Bank for customers based in Greece and the rest of Europe, for their financial and banking services. BankTech combines technological and banking expertise and will provide Banking-as-a-Service (BaaS), Buy-Now-Pay-Later (BNPL), digital onboarding, and a series of financial products for consumers.

In 2022, ‘Snappi’ a joint venture between Piraeus Financial Holdings and Natech, a leading fintech company in the development of banking systems, was established in loannina. Snappi will be the first purely digital bank based in Greece and customers will have access to banking products and complete all transactions exclusively using their smartphones. According to Piraeus Bank, Snappi is Europe’s first neobank based in Greece, licensed by the ECB in June 2024. Full launch in Greece is planned in 2025 with further plans for expansion to EU countries.

NBG – During 2019 NBG launched remote customer digital onboarding, making it the first Greek bank to launch such a service. About 250,000 new customers were registered in 2022 for NBG’s internet and mobile banking services. During 2024, use of Internet and Mobile Banking continued to increase rapidly in 2024 for NBG with 4.3 million digital subscribers, a rise of 6.8% from 2023. The number of digital monthly active users stood at 2.6 million in 2024, an increase of 6.5% from 2023, and NBG claimed a market share of 33% for mobile and 27% for internet banking. As of 2024, transactions through digital channels increased by 24.1% year-on-year. There were 5.1 million app downloads in 2024, a growth of 18.4% from 2023. Over 620,000 clients were registered to digital channels during 2020, of which around 245,000 were via the self-service onboarding process.

New digital functionalities introduced in 2020 included peer-to-peer (P2P) instant transfers, card sales, and instant credit card issuance, and connection through APIs.

During 2024, NBG continued investments in technology infrastructure, claiming that in digital banking, it had the largest number of active users among Greek banks with more than 3.1 million active digital users (+6.8% from 2023). NBG reported the number of digital subscribers amounting to 4.3 million (+6.8% from 2023), while the number of mobile app downloads reached 5.1 million (+18.4% from 2023). NBG reported that in-branch transactions decreased by 15.6% from 2021, contributing to the migration to digital channel efforts. Transactions through digital channels increased by 17.5% YoY in 2022.

NBG’s range of digital services includes eGov integration for KYC data updates, account aggregation in internet and mobile banking, Apple Pay and FX transfers. During 2021, NBG activated more than 5 million debit and prepaid card users through Apple Pay.

During 2024, NBG reported digital sales for 503,000 items (+24.7% from 2023). In 2022, the Bank also launched a new mobile application dedicated to business and corporate customers, enabling on-the-go transactions and approvals.

NBG was the first Greek bank to launch a mobile aggregator, under the new brand name, Waiz. The mobile application was launched in October 2019 under the concept of Account Information Services provided in the European Payments Directive PSD2. Waiz allows users to see their balances and transactions from their accounts and cards in multiple Greek and digital banks. As such, the service is available for anyone that hold accounts in any of the aggregated banks. During 2021, Waiz had 41,000 users, of which 14,000 were users with an active connection with a bank; and since its launch, Waiz has reached 340,000 app downloads and onboarded more than 100,000 users, with over 40% of users not holding an account with NBG.

During 2021, Waiz introduced new services, including the first implementation of payment initiation services under the European Payments Directive PSD2 in the Greek market, which allowed users to initiate payments between the 4 systemic Greek banks.

Alpha Bank – During 2020, Alpha Bank reported that 92% of all financial transactions went through digital channels, compared to 86.7% in 2019. In 2020, the percentage of transactions at the branch level fell from 14% to 7%, whilst total e-banking transactions rose from 40% to 60%, recording a significant increase in relation to the pre-pandemic period.

Remote digital onboarding of new e-banking subscribers through mobile reached 45.4% of all new customers in 2020, compared to 25.7% in 2019. In mobile banking, Alpha Bank reported 792,000 mobile active users, a rise of 45% from 2019. There were 13.4 million mobile transactions in 2020, a rise of 68% from 2019, while there were 150 million mobile logins, up 69% from 2019.

In January 2021, Alpha Bank became fully registered with the new infrastructure 24/7/365 of the interbank pan-European payment system SEPA, following the successful completion of the pertinent technical tests, in cooperation with DIAS Interbanking Systems.

During 2024, Alpha Bank’s digital transformation resulted in 98% of customer transactions being conducted through digital channels (as opposed to the branches). A 7% increase compared to 2023 was observed in customer preference for e-Banking registration with 38% choosing to complete their registration online. Additionally, 80% of e-Banking users used the mobile app monthly. E-Banking for retail customers recorded substantial growth, with transaction volumes increasing by 22% and transaction values rising by 11% compared to 2023.

In 2024, transactions conducted via Alpha Bank’s e-Banking channels presented significant growth, with the number and value of transactions up by 16% and 12% respectively, compared to 2023. In 2023, Customers continued to show their preference for the Bank’s online products. Specifically, 36% of consumer loans, 43% of term deposits, 46% of debit cards, and 83% of prepaid cards were acquired via myAlpha Web and myAlpha Mobile. Since May 2021, all customers used the new and redesigned my Alpha Web for Individuals (the older optional version was cancelled out), which encompasses new functionalities and administration capabilities, such as subscriber KYC information update through the “gov.gr” service without requiring any branch visit, immediate activation of inactive customer accounts, constant online loan instalment payments. Another addition has been the ability to issue a prepaid Bleep Smile Visa card which offers unlimited recharges for the Bank’s customers.

The digital wallets (Apple Pay, Google Pay, myAlpha Wallet, Garmin Pay and Xiaomi Pay) offered by Alpha Bank to its Customers, continued their upward course in 2022, recording a significant increase, with the number of registered cards in myAlpha Wallet, Apple Play and Google Pay exceeding 560,000, 775,000 and 527,000 respectively by the end of the year. The cards enrolled in wallets (Apple Pay, Google Pay, Garmin Pay, Xiaomi Pay) and the tokenized cards on file, which Alpha Bank was the first to offer to its customers, maintained in 2024 the positive trend with the number of active digitized cards (tokens) exceeding 8.4 million.

Alpha Bank also recorded significant growth in e-commerce services in 2021, including an increase of 28% in new e-commerce business customers, an increase of 37% in the number of e-commerce transactions, and an increase of 41% in value year-on-year. In 2021, Alpha Bank also launched the capability to issue Approved Electronic Signatures for its customers and staff in accordance with European Regulation 910/2014 (eIDAS) thereby enabling the remote signing of documents by the customers. In 2022, the Bank continued to improve the already available functionality of issuing Approved Electronic Signatures for its Customers and Staff, in accordance with European Regulation 910/2014 (eIDAS), via myAlpha Web and myAlpha Mobile for Individuals, as well as via myAlpha Web for Business, thus allowing the remote signing of documents by all its Customers and laying the foundations for a new era of remote service experience.

Eurobank – In 2020, Eurobank expanded its range of digital services through e-Banking and the Eurobank mobile app, such as Wallet for contactless payments with Android and iOS devices, Cards Control for managing cards, online application and processing for small business loans, digital personal loans through e-Banking and the Eurobank mobile app. Eurobank extended its v-Banking service to small businesses and personal banking customers, increased the number of transactions available through digital channels, responded to over 2.8 million calls placed at the EuroPhone call centre, and carried out over 40,000 video calls.

The number of transactions carried out via digital channels (internet, mobile applications) amounted to 50.041 million, with a corresponding value of €75 billion, while the number of active users in the year amounted to 1.386 million. New active users amounted to 235,000.

In 2024, Eurobank reported 2.9 million active customers with digital channel initiatives acquiring 149,000 new individual customers. Additionally, more than 200 automated customer campaigns were launched through digital and alternative channels, developing a step-by-step individual customer relationship. In 2024, the bank reported a 9.5% increase in digital active customers and a 75% increase in its Business mobile app active customers.

Eurobank’s “phygital” concept that combines physical service with technology has introduced new services to customers, as part of its “Eurobank 2030” Transformation Programme, as well as a series of digital products for individuals and businesses.

During the year, clients using e-Banking and the Eurobank mobile app increased by 13% compared to 2020 (vs. 30% increase in 2020 and 26% in 2019). In 2024, 96% (vs. 95% in 2023) of the volume of all transactions were conducted from Eurobank digital channels (excluding withdrawals/deposits). The bank also reported a 20% increase in mobile active customers and a 30% rise in digital sales.

In 2021 clients using the Eurobank mobile app for the first time increased by 21% compared to 2020 (vs. 26% in 2020 and 40% in 2019). Also in the same year, logins made to the Eurobank mobile app increased by 26% compared to 2020 (vs. 70% in 2020 and 185% in 2019). In POS transactions with NFC, there was a 50% increase in Q4 2021 (total volume of 3.5 million transactions) compared to Q3.

The volume and value of transactions carried out via digital channels (internet, mobile applications) increased by 21% and 26% compared to 2023. In 2024, the bank’s website received over 27.2 million visits, 55% of which originated organically through search engines, such as Google.

A large increase was recorded in the use of e-Statements in 2024 as an additional 215,000 e-Banking users chose e-Statements, resulting in added savings of about 560,000 paper statements. The Bank’s financial savings from the discontinuation of paper statements have been substantial, amounting to more than €46 million since the service became available. 28% of transactions were carried out with digital wallets in 2024, demonstrating that they are an everyday tool for customers.

Attica Bank – In 2020, Attica Bank expanded numerous integrated digital services. In recent years, there has been a steady and continuing increase in the number of users who carry out their transactions via Attica e-banking and Attica mobile banking digital services. In 2020, the total number of registered digital services clients increased by +20% compared to 2019 and new registered users for 2020 increased by +73% on an annual basis. The increase in the number of users resulted in an increase in the number and volume of transactions carried out via digital services.

For 2020, the number of transactions carried out by individuals increased by +35% compared to 2019 and the value increased by +27%. New services rolled out during 2020 included online application for the issuing of an Attica bank debit card and a prepaid card, online registration in Attica e-banking & Attica mobile service, and mobile banking services for enterprises.

The Bank of Greece has operated a FinTech Innovation Hub since March 2019. The Hub serves as a communication channel between the Bank of Greece and interested parties, by providing information, clarification, and guidance on the regulatory and supervisory framework within the Bank’s competence. During the period covered by the 2024 Report (April 2024 – April 2025), the Hub received a total of 10 enquiries, six of which originated from start-ups or persons with the intention of establishing a start-up, and the rest from established businesses and natural persons. Nine out of the 10 enquiries that communicated with the Hub in the period under review did not hold an authorisation at the time of the enquiry’s submission. The enquiries submitted mainly concerned guidance around the process and requirements for authorisations, information on the regulatory framework, and presentation of a product/service.

In terms of business sectors, the enquiries in 2024 were relatively evenly distributed across the sectors concerned, namely payment services, crypto-assets, finance, investment services, and open finance. The enquiries which specifically mentioned a type of technology referred mainly to the use of Artificial Intelligence (AI) and Application Programming Interfaces (APIs).

In 2021, the Bank of Greece launched a regulatory sandbox, funded by the European Union, and implemented in collaboration with the London-headquartered European Bank for Reconstruction and Development (EBRD). The sandbox is for use only by entities and services already authorised by the Bank of Greece but will expand to include non-authorised financial firms.

The Bank of Greece has set out an indicative list of technologies and solutions that may be used by prospective sandbox applicants, including application programming interfaces (APIs), artificial intelligence (AI) and machine learning, biometrics, digital ID and tokenization, cloud computing, blockchain and distributed ledger technology (DLT), and natural language processing (NLP).

About Open API Standards

In June 2017, The Berlin Group, the European payments interoperability coalition of banks and payment processors with membership comprising bank-backed ACHs and industry bodies, announced it would push a single standard for API access to bank accounts (XS2A) compliant with the PSD2 regulation.

The Berlin Group says its NextGenPSD2 Initiative provides a harmonised API standard for accessing bank accounts. Built as an ‘Access to Account Framework’, The Berlin Group says the standard offers operational rules and implementation guidelines with detailed data definitions, message modelling and information flows based on RESTful API methodology.

As of the beginning of 2021, the Berlin Group NextGenPSD2 was implemented in all EU countries, in several non-EU countries in Europe, and in countries outside Europe who are focused on maintaining reachability and compatibility with the European market. Around 80% of European banks and hundreds of third-party providers (TPPs) have implemented the Berlin Group NextGenPSD2 Framework. In 2021, the group was migrated to the Open Finance task force to explore use cases of Open Banking schemes and Open Finance schemes.

Among others, European Open API sets include Open Banking UK, Swiss Corporate API, and STET Open API (F, B).

As of 2024, there were 12 Open Banking bank and account providers, four third-party providers, 34 bank APIs, and 19 API aggregators.

Key Open Banking providers in Greece include prominent banks (NBG, Piraeus Bank, Alpha Bank, Eurobank Ergasias,) and TPPs (Viva Wallet, Tora Wallet).​

There are several important updates and recent details to add regarding Open API standards and Open Banking in Europe and Belgium. As of 2024, the Berlin Group, along with other standardisation initiatives, has significantly advanced Open API and Open Finance frameworks, resulting in broader industry adoption and interoperability.​

Berlin Group and OpenFinance API Framework

European Open API Sets and Industry Expansion

These developments mark a transition from PSD2-driven access to a much wider Open Finance landscape, with almost universal bank API implementation, extensive support for business and consumer account types, and expanding services enabling secure, data-driven payments and financial innovations across Belgium and greater Europe.

PSD2 and the Open Banking Mandate

The adoption of the revised Payment Services Directive, PSD2, has set the stage for Open Banking in Europe, a European Open Banking Mandate with significant impact on the financial services industry. PSD2 challenges for banks and FinTechs include Open Banking, Open APIs, and the rollout of digital payment services and mobile apps.

PSD2 lowers the barriers for market entry to third-party service providers, FinTechs, and it opens up doors for innovative players to offer services that currently do not exist, e. g. account information services, third-party personal finance management, digital identity and KYC.

PSD2 is going to change the European payment and banking landscape and ultimately the position and role of banks in the ecosystem. FinTechs drive the change with the banking industry seeking the right strategy.

Post-PSD2, the key question for the financial service industry will be how to grant authorised access for their FinTech partners to bank account information, for instance secure access to account balance, payment data, credit risk and others.

For banks, the impact of the PSD2 is that they are no longer the only ones that have access to the bank customer information. Bank customers will now decide who they want to grant access to their payment information. Alongside this initiative, with new services based on access to bank accounts (XS2A), banks may lose the direct connection to their customers. To maintain their position in the new PSD2 reality, banks will need to adapt their business and operational models.

By mid-2025, notable challenges for the Greek banking industry include:

In 2018, Piraeus Bank announced the launch of “rAPId LINK”, its new Open Banking platform. The new platform enables bank’s customers the real-time access to their financial data and execute transactions, through third-party apps. It also allows software companies and developers to provide applications to their customers, via the Bank’s systems in real-time. Several services are available and delivered through five basic APIs:

The bank aims to enrich the platform with new services and transaction types. Greek software companies such as Entersoft, EpsilonNet, SoftOne, SingularLogic, Unisoft and others, have already implemented the interfaces with the bank’s APIs and integrated the available services into their systems.

During 2021, Eurobank expanded Open Banking services with API technology, enabling data aggregation and payment initiation across financial institutions. The Eurobank API Portal provides access to Eurobank APIs to certified application developers. In 2024, the bank’s open Banking channel served 150,000 customers with 12 million calls and recorded a significant increase in transaction volume from 7 million transactions in 2023 to 171 million transactions in 2024.

As of 2024, there were 12 Open Banking bank and account providers, four third-party providers, 34 bank APIs, and 19 API aggregators.

Payment Services

In Greece, the law on payment services adopted the EU payment services directive (PSD) and the EU interchange fee regulation (IFR). Greece is also going to adopt the new PSD2 – effective from January 2018.

In 2025, the more than 300 different payment services offered in Europe can be grouped into:

Card Brands and Card Types

At present, there is no national debit card scheme in Greece, and all retail banks issue debit cards and credit cards with Mastercard or VISA brands.

Greek card products like consumer cards, commercial cards and purchasing cards range from classic cards to gold cards and platinum cards. Additional card features (e.g. picture cards, bonus points, PIN selection at ATMs, cashback, card control by SMS notification and other in-app controls like geo blocking) are used to attract cardholders. Also, individual picture cards and collector cards are issued on demand.

The EMV migration achieved 93% for debit cards and 95% for credit cards at end-2012 and was completed by 2013.

From July 2023, banks and other card issuers will no longer issue Maestro cards. Instead, they will need to issue Debit Mastercards. Maestro was launched in 1991, and it was the world’s first debit card that could be used via an online network. About 400 million Maestro cards are in circulation worldwide, mainly across Europe. However, Maestro is not enabled for the demands of e-commerce and cannot be used for online or in-app payments, hence the decision to phase it out in favour of Mastercard Debit products. Visa announced that Electron cards will be phased out globally in 2024. The features of the VISA Debit card have been modified to match the features of the VISA Electron card.

Debit cards issued are Debit Mastercard and VISA Debit. There are no V PAY cards in issue.

Credit Cards issued are cards branded VISA, Mastercard or Diners. There are no JCB cards or bank-issued American Express cards in issue.

Prepaid Cards – Since 2009, prepaid cards are issued, in VISA and Mastercard brands. Piraeus Bank issues as well prepaid Mastercard cards.

Co-branded cards – In Greece, several co-branded card products are in circulation. Co-branded cards are based on the international card brands Mastercard, VISA, and Diners.

All the leading Greek retail banks issue co-branded cards together with their non-bank partners. Additionally, they issue various private label store cards on behalf of retailers, petrol companies and other non-banks.

Co-brand partners include football clubs, most car manufacturers, retailers, airlines, and mobile network operators.

Eurobank remains a leader in the field of co-branded credit cards through exclusive partnerships with entities that include Greek telco providers (COSMOTE World Mastercard), shopping malls (YES VISA), a high-end retail store (Reward World Mastercard), and a major supermarket chain (Masoutis VISA).

Contactless Cards and form-factors

Contactless cards with payWave and PayPass function had a slow start in Greece due to the financial crisis.

In July 2012, Eurobank said it was the first Greek bank launching a contactless Mastercard PayPass card. With Alpha Bank Enter Mastercard contactless and Alpha Bank Enter VISA contactless, Alpha Bank reported 150,000 contactless cards issued in 2014.

In February 2018, the National Bank of Greece enabled customers to carry out VISA payments with contactless bracelets and wearables through jewellery and watches.

In 2019, Alpha Bank customers were offered new options for contactless transactions with products such as Apple Pay and myAlpha Wallet. In 2020, according to Alpha Bank, the COVID-19 pandemic increased the use of contactless transactions with Alpha Bank cards to seven out of 10 transactions. In 2021, the bank’s mobile app recorded more acceptance by youth customers between 18-25 years old who chose Alpha Bank for issuing their government-sponsored Freedom Pass card, in the context of being rewarded for their COVID-19 vaccination, with total cards issued exceeding the number of 200,000.

Predefined contactless limits – Contactless payments of purchase amounts below a predefined contactless limit are without PIN or signature and without transaction receipt. In Greece, the contactless limit for payments without PIN/signature was set at €25 for cards branded PayPass or payWave.

In March 2020, in response to the COVID-19 pandemic, the contactless limit was raised to €50 to encourage more non-cash transactions.

According to a June 2020 survey by PayPal, the pandemic had encouraged 60% of Greek consumers to use contactless payments, with 43% of Greeks aged 65 and older avoiding cash.

Interchange Fee Arrangements

International and Intra European Non-EEA Interchange Fees are set by the members of the international card schemes to be applied in case of cross-border transactions or foreign cards used in Greece, respectively.

In Greece, domestic Merchant Interchange Fee (DMIF) rates for Greek cards are defined by Mastercard and VISA, respectively. The interchange fee regulation 2015/751/EU applies for Greek card business.

Standard Consumer Card Interchange Rates (2025):

Debit cards:

Credit cards:

Contactless/Chip & PIN/e-commerce:

Commercial/Business Cards:

Special Use/Categories:

Scheme Fees:

American Express – As a result of the EU regulation of interchange fees (IFR), American Express elected to exit all bank licensing arrangements in the European Union. This means that they have terminated all licenses with its existing EU partners, stopped issuing new cards and are in the final stages of the process of closing down all operations directly related to bank licensing. Over the course of 2019, American Express credit cards issued under independent operator agreements were rendered invalid in all countries of the European Union. Various banks that have up to now had exclusive licensing contracts with American Express have already responded accordingly and provided their clients with the opportunity to switch to other card brands.

From 2020, American Express Payments Europe is now the sole issuer and acquirer of American Express cards in Europe, including Greece. However, American Express Payments Europe continues its local sales partner arrangements with local acquirers enabling the use of American Express cards at ATMs and POS terminals.

E-Money 

In Greece, the law on e-money services adopted the e-money directive of the EU (EMD). Before the implementation of the EMD directive, BGR reported transactions made with software-based e-money services.

In October 2014, BGR licensed the first e-money institution in Greece, VIVA Payment Services. In December 2017, BGR licensed a second e-money institution, Tora Wallet. In 2024, BGR reported five e-money institutions licenced in Greece. Recent additions include OTRO PAY ELECTRONIC MONEY INSTITUTION SINGLE MEMBER S.A., authorised in March 2024, which offers mobile wallets, bill payment services, and operates under full e-money licensing, including EEA passporting for cross-border activity.

Additionally, Software-based e-money e-/m-wallet services are also offered by 230 international payment service providers and e-wallet issuers from the EEA region. They provided notification of operating in Greece under the EU passport system.

Prepaid Products – paysafecard (A) entered Greece and launched its prepaid product, paysafecard.

Digital Account-to-Account Payment Services 

In the Yearbooks, account-based payment services are classified as IBAN-based payment services in SCT/SDD format offered by banks or by independent payment initiation service providers (PISP).

Credit transfers are used for high value corporate and low value retail payment transactions. All credit transfers in Greece are automated. On 1 February 2014, SEPA credit transfers (SCT) replaced all previous credit transfer schemes in Greece.

Direct debits are used for low value recurring payments such as utility bills. On 1 February 2014, SEPA direct debits (SDD) replaced all previous direct debit schemes in Greece. All Greek credit institutions participate in the SDD scheme. Direct debits are processed via DIASDEBIT on a same-day basis.

Instant payments (SCTINST) is the IBAN-based immediate payment scheme in Europe, officially launched in November 2017. It makes funds immediately available to the beneficiary – compliant with existing SCT infrastructure. The regulators will require all banks to offer Instant Payments from 2018.

Among others, the characteristics of SCTINST include an initial maximum of €15,000 with the funds made available on the beneficiary’s account in less than ten seconds, 24/7/365 real-time processing, and immediate refunds in the case that the SCTINST payment was not successful. From July 2020, the maximum for instant payments will be €100,000.

Chaired by the ECB, in 2014, the Euro Retail Payments Board (ERPB) identified the need for a pan-European instant euro payment solution. In April 2016, EBA Clearing started the SCTINST project with more than 40 large European banks involved. In November 2016, the European Payments Council (EPC) published the SCTINST scheme and SCTINST rule books version 1.0 while the ERPB provided the governance model. In November 2017, EBA Clearing completed the pan-European instant payments infrastructure, RT1.

SEPA credit transfers and direct debits can be settled on a same-day or next-day basis. In 2024, about 50% of all IBAN-based payments in Europe were processed intra-day, or even immediately inside of the same bank group. Potential first use cases for SCTINST in Greece may include P2P, mobile banking apps, online payments, and B2B.

As of June 2025, 2,765 banks from 36 European countries had registered for the SCTINST scheme. This represents 78% of all SCT scheme participants.

In 2021, the BGR announced the completion of the migration to the TARGET2 Instant Payment Settlement (TIPS) service.

In many European countries, bank transfers have been adopted for online payments, enabling consumers to pay direct from their bank account as an alternative service to payment cards.

Account-based payment service brands offered in Greece include MyBank and Klarna’s SOFORT.

In 2024, the Bank of Greece reported 304 cross-border PISPs had provided notification of operating in Greece under the EU passport system, authorised in another EEA member state.

Advanced Payment Services

In the Yearbooks, advanced payment services are classified as online wallets, e-wallets, and/or mobile wallets with any type of payment service chosen by the wallet user to complete the payment.

In selected Greek online shops, the wallets PayPal, Skrill, and Alipay are offered as payment means.

PayPal – is present in Greece. As of end-2024, PayPal reported 434 million active customer accounts globally, up 2.1% from 426 million in 2023. This consisted of 398 million customer active accounts and 36 million merchant active accounts across approximately 200 markets. PayPal’s total payment volume increased to $1.68 trillion (up from $1.53 in 2023) and customer engagement grew to an average of 60.6 transactions per active account, driving 3% growth in transactions per active account at the end of 2024.

During 2020, with consumers worldwide embracing digital wallet capabilities, the company launched several related services including QR Code Checkout, Buy Now Pay Later, Crypto purchasing and Xoom direct transfers to bank accounts and debit cards.

In June 2018, PayPal continued its shopping spree with a $400 million cash deal to acquire e-commerce platform Hyperwallet. The acquisition followed deals to buy Venmo, Xoom, Sweden’s iZettle (renamed Zettle) for $2.2 billion, and AI-based merchant marketing outfit Jetlore, as PayPal bids to extend its reach to all corners of the payments market.

In May 2022, PayPal Ventures invested in Modulr, an embedded payments platform for digital businesses, as part of a $108 million Series C funding round led by General Atlantic, Blenheim Chalcot, Frog Capital, and Highland Europe. Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage and BrightPay, and processes an annualised transaction value of more than £100 billion.

In 2023, PayPal was exploring the sale of Xoom, its international money transfer subsidiary, in a bid to cut costs and focus on high-growth business areas – as of November 2025, PayPal had not completed the sale. Also, Stax Payments – an all-in-one payment provider for businesses – announced its partnership with PayPal in July 2023. This partnership will allow PayPal’s users to easily make payments with more than 20,000 merchants of Stax through a fast checkout process as well as new payment options such as Buy-now-pay-later solutions.

In 2023, PayPal launched its own US dollar-denominated stablecoin, PayPal USD (PYUSD), which is fully backed by US dollar deposits, short-term US treasuries, and similar cash equivalents and designed for digital payments and Web3. Eligible US PayPal customers who purchase PayPal USD will be able to transfer the token to external wallets, send person-to-person payments, fund purchases at checkouts supported by PayPal, and convert cryptocurrency holdings to and from PayPal USD.

In January 2024, PayPal launched AI-powered features to drive personalised offerings for both merchants and customers based on the data it possesses. These features include Smart Receipts (for merchants) which predicts what shoppers may want to buy next from the merchant. The merchant can then offer personalised recommendations, and cashback offers on this receipt. A major feature for users is CashPass which will use give users personalized cashback offers based on an AI analysis of their spending activity.

In March 2024, PayPal launched a complete suite of payment processing tools for online small businesses in the UK, Canada, and across more than 20 European markets. The PayPal Complete Payments package enables small businesses to accept an expanded range of payment instruments including PayPal, buy now pay later, Apple Pay, Google Pay, credit and debit cards, and alternative payment methods from around the world. By April 2024, PayPal added new features to its complete payments solution for small businesses to enable small businesses to accept a range of payments including PayPal, Venmo and PayPal Pay Later products. PayPal also gave small businesses access to four new features to help them drive payment acceptance and enhance how they run their business, and this will include Apple Pay as a checkout option.

In 2025, PayPal significantly enhanced its offerings for small businesses by introducing PayPal Open, a unified commerce platform that consolidates all of PayPal’s merchant solutions into a single interface. This platform provides small businesses with access to a comprehensive suite of tools, including payment processing, financial services, and AI-driven insights, all designed to streamline operations and foster growth.

Amazon Pay – was introduced in 2007. The payment service enables Amazon customers to checkout at participating third-party merchant sites using their Amazon credentials.​

Launch Date: Amazon Pay first launched in August 2007 as “Pay with Amazon,” later expanding globally and adding features for third-party merchant acceptance.​

Functionality: All active Amazon customers can use their Amazon credentials for checkout at partnered merchants—Amazon Pay is available in 18 countries as of October 2024.​

Global Usage: Over 50 million customers have used Amazon Pay for purchases worldwide, with a large share coming from Amazon Prime members, but recent statistics indicate over 3.2 billion transactions processed in 2025 and 600,000+ merchants accepting Amazon Pay as of June 2025.​

Prime Share: More than half of Amazon Pay users are Amazon Prime Members, matching your note on demographics.​

Market Impact: By the end of 2025, Amazon Pay accounts for approximately 6% of the global online payment market, processing an estimated $85 billion in payments.​

Expansion: Amazon Pay experienced 20% growth in mobile usage and 13% total transaction growth from 2024 to 2025.​

Merchant Share: SMEs comprise around 70% of all merchants using Amazon Pay.

Alipay – In July 2017, VivaPayments formed a direct partnership with Chinese online payment platform Alipay. Merchants operating with VivaPayments’ online payments platform, VivaWallet, can accept Alipay transactions at tourist locations throughout Greece.

Alipay is now widely accepted in Greece as part of the Alipay+ cross-border wallet ecosystem:

Acceptance Network & Usage:

Digital Payment Services

In the Yearbooks, digital payment services are classified as card-based payment services using EMV tokenisation security on the internet combined with HCE NFC technology in the case of contactless payments at POS terminals.

As of mid-2025, the Click to Pay online payment checkout service was available, replacing the previous MasterPass and VISA Checkout services respectively. Click to Pay is a joint service between Mastercard, Visa, Discover, and American Express, enabling consumers to make secure one-click payments without having to enter card details or passwords online.

Contactless payments on cards using Apple Pay, Samsung Pay, or Google Pay (previously Android Pay) made by foreign users at contactless POS terminals in Greece are processed as payments on contactless cards.

Global contactless transaction values are projected to reach approximately $15.7 trillion by 2027, up significantly from around $4.6 trillion in 2022, driven by widespread adoption of contactless mobile and card payments. Contactless mobile and wearable payments are expected to grow by over 220%, while contactless card payments will increase by approximately 119% in the same period.

Contactless ticketing spend is forecasted to surge by more than 400% globally between 2022 and 2027, with mobile NFC ticketing powered by OEM wallet solutions such as Apple Pay, Google Pay, and Samsung Pay playing a critical role in enabling seamless transit and event ticketing across multiple markets.

By 2027, 99% of all smartphones are estimated to support contactless payments, up from 94% in 2022, with average contactless transaction values roughly $28.20 for Apple Pay and $33.40 for Google Pay. Digital wallets—including PayPal, Apple Pay, and Alipay—represent the majority of global mobile payments. Mobile wallets accounted for around half of global e-commerce payment transactions as of 2022 with approximately 2.8 billion users worldwide, nearly half concentrated in Asia-Pacific, led by large markets such as China, India, and Southeast Asia.

In North America and Europe, mobile payments increasingly overlap with broader “alternative payments” encompassing all non-cash, non-card payment methods, reflecting shifting consumer preferences towards convenience and digital-first financial experiences.

Overall, the global contactless payment market is witnessing rapid growth driven by technology advances, expanding wallet usage, and evolving consumer behaviours, signalling a transformative shift towards universal cashless and contactless commerce by the end of the decade.

Apple Pay has become one of the world’s most used digital payment methods. Its user base increased from 521.4 million to 535.8 million in 2022 and now sits at 785 million users worldwide at end 2024.

This payment method is also available in over 85% of US merchants and 60% of stores globally.

As of August 2024, the estimated total Apple Pay in-store sales now sit at $268 billion, up from $213 billion last year.

As of 2023, Apple Pay processed 14.2% of all online consumer payments and 5.6% of all in-store purchases globally, global transaction volume (2025 estimate) is $7.6 trillion.

In the US its Apple Pay users are measured as ~63.9 million (2025 forecast), with in-store U.S. retail sales via Apple Pay sitting at ~$268 billion (as of August 2024).

Putting it all together, Apple Pay is increasingly becoming an effective customer acquisition and retention feature for Apple. In June 2022, Apple Pay added Apple Pay Later, its buy-now-pay-later service, allowing users to split purchases into four equal instalments with no interest or fees. Initially launched in the US, the service is expected to roll out to other countries during 2023. In 2023, Apple launched its Card savings account from Goldman Sachs with a 4.15% annual percentage yield. Apple Wallet users can set up and manage a savings account directly from Apple Card in Wallet, with no fees, no minimum deposits, and no minimum balance requirements.

Apple Pay is available in Greece through 51 banks and payment providers as of October-2025.

Google Pay current data shows around 820 million active users across 45 global markets.

In January 2022, it was reported that the company was planning to transform Google Pay into a “comprehensive digital wallet”, following the app’s reported slow growth and the shutdown of Plex. In April, it was reported that Google was planning to revive the “Google Wallet” branding in a new app or interface and integrated with Google Pay. Google officially announced Google Wallet on May 11, 2022, at the 2022 Google I/O keynote. The app began rolling out on Android smartphones on July 18, replacing the 2018 app and co-existing with the 2020 Google Pay app in the US. While the app name itself was changed from Google Pay to Google Wallet, the service name of actually paying for things online or in-store remains “Google Pay.”.

In the US, Google Pay has over 165 million users.  Also, Google Pay is used on nearly 800,000 websites as a secure payment gateway. Roughly 20% of all mobile purchases are made using this digital payment processor. Google Pay ranks 3rd among mobile payment methods globally. In Russia, it has an online usage distribution of 35.18% and has recorded approximately 1,281,838 transactions online. Available in 19 countries, 30% of Google Pay’s active users are millennials. It is one of Canada’s top 5 online payment apps and is the primary mobile payment method for 2,193 businesses worldwide. In India, Google Pay boasts 67 million active users and holds 36.10% of the mobile application market. Its widespread adoption and significant market share highlight its growing importance in the global digital payment landscape.

Google Pay is available in Greece through 47 banks and payment providers as of October-2025.

Samsung Pay is available in 29 countries worldwide and has an estimated 150 million users. Samsung Pay works with a broad range of Samsung Galaxy phones, including the latest Galaxy S22 and newer models, as well as many previous models like the Galaxy S8.

Samsung claims that its system will work with almost all point-of-sale systems: NFC, magnetic stripe and EMV (Europay, MasterCard and Visa) terminals for chip-based cards. In June 2022, Samsung Pay was renamed to Samsung Wallet in the US, UK, France, Germany, Italy, and Spain. Along with the renaming came new features such as the ability to store digital assets and digital keys within the Wallet app.

In February 2025, Samsung Wallet was launched in Greece.

Overview of Cashless Payments

Dominance of Cash – Despite the growth in card payment infrastructure, Greece remains overwhelmingly a cash-based economy, with an underdeveloped electronic banking infrastructure. However, in 2011, all cashless transactions equalled ATM cash withdrawals for the first time in Greek history. New legislation prohibits the use of cash in transactions greater than €500 (previously €1,500).

Following the automation of the Greek payment system, the new fiscal measures, together with the widespread use of electronic payments and the consequent rollout of POS terminals, resulted in significant growth rates for card payments in 2016, up by 106.0% year-over-year.

In December 2019, the Greek government proposed a new tax evasion law compelling consumers to use electronic transactions equal to around a third of their annual income and mandating digital sales receipts. Failure to adhere to this law will result in a fine comprising 22% tax on the shortfall. The legislation would require many payments for goods and services to be made via electronic means, such as credit cards, online, e-banking, and other digital services.

Payment cards are the dominant cashless payment instrument by number with a market share of 72.32%, now slightly higher than the 62.34% average across the EU. Given the traditional dominance of cash in the Greek economy, this represents remarkable growth for cashless payments in recent years.

Credit transfers (21.56%) are the other dominant cashless payment system in Greece and showed a compound annual growth rate of 15.35% between 2020 and 2024.

In 2024, there was a comparatively high level (for Greece, historically) of 303.9 cash-less payments per capita, up 12.96% from 2023. They were composed of 219.8 card payments per capita, 65.5 credit transfers per capita, and 3.2 direct debits per capita.

Direct debits (1.05%) increased by 2.55% between 2023 and 2024.

Cheques remain a common cashless payment instrument in Greece, particularly for commercial payments, for pension and for social security payments. They had been popular because the Bank of Greece permits the use of post-dated cheques. Since 2007, cheques (0.10%) have declined by value and by number (-1.10% from 2023) due to an increasing preference for digital payments for both high-value and low‑value transactions.

2 - Cashless Payment Transactions in Greece
(millions)202020212022202320242025FGR 23/24GR 5YCAGR 5Y
Card payments 1,155.57 1,540.06 1,815.25 2,017.76 2,314.65 2,655.22 14.71%246.91%28.25%
Cheques issued4.424.003.843.373.33 3.29 -1.10%-47.77%-12.18%
Credit transfers477.61481.03561.08620.96689.98 766.67 11.11%104.25%15.35%
Direct debits21.4225.9031.4232.7433.58 34.01 2.55%80.10%12.49%
Total 1,767.03 2,146.40 2,567.04 2,838.07 3,200.66 3,459.19 12.78%166.82%21.69%
Domestic cash withdrawals on cards187.95189.36189.36189.36189.36 189.36 0.00%-15.78%-3.38%
Total card payments per capita108.0144.7171.6191.3219.8252.114.90%253.55%28.73%
Total cheques issued per capita0.40.40.40.30.30.3-0.94%-46.77%-11.85%
Total credit transfers per capita44.645.253.058.965.572.811.29%108.16%15.79%
Total direct debits per capita2.02.43.03.13.23.22.72%83.54%12.91%
Total cashless payments per capita165.2201.7242.7269.1303.9328.512.96%171.93%22.15%
Note: payment card figures include a small number of e-money transactions.
Note: totals include transactions with “other payment instruments”.
Source: ECB, Bank of Greece.

Exchange Rates

Greece joined the euro system and adopted the euro as its currency on 1 January 2002. The exchange rate of the Greek drachma (GRD) against the euro was irrevocably fixed at GRD 340.75 per €1.00.

Market Infrastructure

The Greek crisis in July 2015 – Impact on Cards and Payments

Greece’s financial meltdown has affected the world’s card business and bank payment business, with credit control laws banning the Greeks from making online card payments to international firms.

In June 2015, the crisis-wracked country reeled from an overnight Government decision to shut all banks and the stock market for six business days and impose restrictions on ATM withdrawals. The desperate measures follow Prime Minister Alexis Tsipras’ weekend decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

The capital control laws were enforced by Prime Minister Alex Tsipras as he tried to stop vast amounts of cash escaping the country. The Government acted to close all banks at least until after July 5, the date of the referendum, and shut down all cash machines for 24 hours. ATMs were re-opened with a €60 daily withdrawal limit applied. Also, the Greeks were no longer able to transfer money abroad.

Card carrying tourists able to get to an ATM before the cash ran dry were able to exceed the upper limit – a necessity as many Greek businesses began to turn down credit cards in favour of cash-only transactions. Greeks have been able to pay bills using internet banking but were not able to move money to accounts abroad. In July, money transfer companies like Western Union re-activated their money transfer and remittance services.

Hellenic Banking Association (HBA)

Following initial work by the VISA Hellas chip task force, banks decided not to implement EMV jointly, but to develop domestic specifications for chip programmes. The task of drawing up Greek domestic EMV specifications passed to the HBA.

The Hellenic Banking Association is a non-profit legal entity of private law representing Greek and foreign credit institutions operating in Greece. It was founded in 1928 and had 22 members at end-2012, of which 18 were regular and four associated. In 2025, the HBA had 18 members, of which 9 were regular members and 9 were associate members.

Down from 28 members before the restructuring of the Greek bank sector, HBA members by number reflect the ongoing consolidation process in the Greek bank sector.

DIAS

DIAS SA is the national interbank payment clearing organisation, formed by the majority of Greek state-owned and private banks in Greece. DIAS was established in June 1989 on the initiative of the Hellenic Bank Association (HBA). Shareholders are credit institutions and Bank of Greece. Its services include the interbank cheque clearing, credit transfer and direct debit system.

In February 2015, DIAS started the integration path for Greek Credit Institutions participating in the account-based MyBank payment service and managed the on-boarding process and local support.

In 2024, DIAS switched 467.2 million cashless payment transactions with a total value of €501.9 billion.

In the cards area, DIAS operates DIASATM, the interbank ATM switching system. The system connects the ATM networks of all banks allowing bank customers to withdraw cash from any ATM of any bank. There were 5.8 million DIASATM transactions in 2024, showing a marginal increase of 0.74% from 2023. In addition, DIAS offers operational support and management of banks’ ATM networks, and an ATM card issuing and management service.

Furthermore, DIAS operates DIASPOS, which gives taxpayers the possibility to pay their tax obligations to the ministry of finance by using a credit or debit card at DIASPOS machines installed in tax offices. There were 25.65 million DIASPOS transactions in 2024, up by 30.66% from 2023.

3 - DIAS ATM and POS Statistics
(millions)20202021202220232024GR 23/24GR 5YCAGR 5Y
Credit transfers249.11278.04307.73339.78388.1014.22%74.18%11.74%
Direct Debits20.4521.9225.8427.8531.9914.85%91.07%13.83%
Cheques2.512.242.142.092.04-2.38%-43.65%-10.84%
ATM interbank payments7.086.416.115.765.800.74%-62.00%-17.59%
POS card payments13.3812.5816.6419.6325.6530.66%179.36%22.81%
Total transactions (millions)292.53329.40367.57406.00467.2015.07%74.58%11.79%
Total transactions value (€bn)298.00344.03407.16450.00501.9011.53%95.05%14.30%
ATV per transaction€1,018.70€1,044.41€1,107.71€1,108.37€1,074.27-3.08%11.72%2.24%
Source: DIAS, BGR.

Card Issuers – Overview

Greek banks issue credit cards, charge cards, debit cards and prepaid cards in combination with bank accounts. Addressing the specific needs of personal banking and business banking, the card portfolio is composed of consumer cards, business cards and corporate cards.

Dedicated card products are offered for the individual client segments: families, millennials, students, affluent clients, small business clients, corporate clients and even basic account clients. The credit cards offered range from classic cards to gold cards and platinum cards.

Dedicated card products are offered for the individual client segments: families, millennials, students, affluent clients, small business clients, corporate clients and even basic account clients. The credit cards offered range from classic cards to gold cards and platinum cards.

Greek banks were among the most aggressive issuers of revolving credit cards of any in the euro zone. NBG and Eurobank Ergasias also extended their credit card operations into south-east Europe, particularly Bulgaria and Romania, while NBG became a major issuer in the Turkish market following its acquisition of Finansbank (TR). However, the crisis has changed the dynamics of the credit card market in Greece.

Most Greek retail banks issue cards branded Mastercard, VISA, VISA Debit and Debit Mastercard. All leading Greek retail banks issue co-branded cards private label store cards on behalf of retailers, petrol companies and other non-banks.

Following the restructuring of the bank sector, the leading issuers are Alpha Bank Group, National Bank of Greece, Eurobank Ergasias and the enlarged Piraeus Bank Group. Other notable issuers include Attica Bank, and HSBC Greece. Alpha Bank was previously the American Express card issuer. From September 2014, Alpha Bank is the new owner of Diners Club Greece. Table 5 illustrates the card brands accepted by the leading card issuers in Greece as of mid-2025.

4 - Leading Card Issuers in Greece
Domestic IssuersIssued Card BrandsOwned by
Alpha BankMastercard, VISA; Debit Mastercard, VISA DebitInstitutional Investors: 78%, UniCredit: 9.6%, Others: 12.4
National Bank of Greece (NBG)Mastercard, VISA; Debit Mastercard, Mastercard PrepaidInternational investors: 72.46%, others: 19.14%, HFSF: 8.4%
Piraeus BankMastercard, VISA, Debit Mastercard, VISA DebitInvestors: 65.0%, individuals: 8%, HFSF: 27%
Eurobank BankMastercard, VISA; Debit MastercardInstitutional Investors: 94.04%, Non-Institutional Investor: 5.96%
Attica Bank (rebranded as CrediaBank)VISA; VISA Debit, Debit MastercardThrivest: 54.6%; HFSF: 36.2%, Others: 9.3%
Diners Club GreeceDinersAlpha Bank Group (GR)
Note: Alpha Bank also issues Mastercard prepaid. Piraeus also issue their own virtual prepaid card via winbank
Source: PCM research

Outlook – By mid-2025, Greek card issuers face the following notable challenges:

Card Processors and PSPs

In Europe, the payment processing industry is composed of card processors, ATM/POS network hub processors, e-/m-payment service processors (PSPs), and specialised processors (e.g. CSM processors, TSM services).

In Greece, card issuer processing services range from technical issuer processing, including card printing, to full cardholder processing services. They include all types of cards and card technologies allowing for card use in multi-channels (i.e. at ATMs, POS terminals, on the internet and in-store mobile payments in the future).

Acquirer processing services in the country range from technical acquirer processing, including POS terminal services, to full merchant processing services. Usually, ATM/POS network processing is part of acquirer processing while payments on the internet are routed by specialised e-/m-payment service processors (PSPs) to the card acquirers and independent payment service providers (e.g. PayPal), respectively.

The large Greek banks continue to use in-house bank IT systems or their own processing subsidiaries for issuer processing and card processing. However, Alpha Bank and many medium and smaller Greek banks have used the technical processing services of DSOS (now: FDH) while Piraeus Bank contracted processing services with Euronet Card Services (formerly ABC Professional Services).

Thus, the leading processors in Greece are DIAS, the Greek interbank payment clearing organisation, and foreign processors Nexi and Euronet Card Services.

Payment card transactions can be cleared by their respective international card schemes or, in the case of ATM and POS transactions, by DIASATM and DIASPOS on a same-day basis.

SIA (formerly First Data Hellas (FDH) – In June 2004, Delta Singular, the Greek IT group 39%-owned by Alpha, sold its subsidiary Delta Singular Outsourcing Services (DSOS) to First Data International for a reported price of €206 million. DSOS was rebranded as First Data Hellas and continued to process for Alpha under First Data’s ownership; other card processing clients included Hellenic Postbank (from June 2005), Eurobank, HSBC, American Express and a total of 34 banks in Greece, the Balkans and Middle East. In 2006, DSOS reported to manage 1.5 million debit cards and 2 million credit cards, 40,000 POS terminals, 1,200 ATMs and 12 million transactions per year.

In May 2018, Italian processor SIA and First Data (US) signed an agreement for SIA to acquire First Data’s card processing businesses in parts of Central and southeastern Europe for €387 million. In 2017, these businesses generated a combined revenue of €100 million for First Data. By end-September 2018, the transaction was concluded, after approval by the financial market regulators involved.

Including First Data Hellas, this acquisition by SIA provides card processing, card production, call centre and back-office services, including 13.3 million payment cards, 1.4 billion transactions, in addition to the management of 300,000 POS terminals and 6,500 ATMs. These businesses are primarily located in seven countries: Greece, Croatia, Czech Republic, Hungary, Romania, Serbia and Slovakia.

First Data said it would remain highly committed to the European issuer processing business, maintaining its focus on serving its significant client base, primarily with its leading VisionPLUS platform.

In July 2019, Fiserv completed the purchase of First Data for $22 billion in an all-stock transaction. The companies said users would benefit from a “highly complementary combination” that offers a range of payments and financial services, spanning account processing and digital banking, integrated payments and the Clover POS system, among other products and services. Fiserv is one of the world’s largest payments and financial technology providers.

In October 2020, Italian processor Nexi announced its intention to acquire SIA in a deal worth an estimated €5.3 billion. The closing of the deal was planned for September 2021 following receipt of regulatory approvals. The new group will be the largest group in Europe for number of merchants served (2 million), number of cards (120 million), and number of transactions executed each year (21 billion).

Euronet Card Services, the Euronet Worldwide subsidiary, is the processor for Piraeus Bank, which set it up as ABC Professional Services years ago.

In 2015, following a comprehensive study, Piraeus Bank decided to replace the existing switching system, Base24, with the more advanced Authentic system from Alaric/NCR.

Online Payment Service Processors (PSPs) 

Online payment service processors (PSPs) are specialised technical processors for all kind of secure online payments and mobile payments. Some of them also offer virtual PSP platform services (VPSP) for bank acquirers who want to take advantage of a kind of ‘internet network processor’.

Online shops of merchants are directly connected by an API interface or a hosted payment page either to the internet payment gateway of a bank acquirer, or they are connected to multi-acquirers through a PSP.

PSPs usually partner with more than one card acquirer and payment initiation service providers. Core services offered by PSPs may include payment gateways to card acquirers and other online payment service providers, online payment processing, risk management services, and collection services for merchants.

Security technologies applied to ensure secure online card payments include EMV tokenisation and strong 3D-Secure (MCSC, VbV, SafeKey) combined with one-time tokens. For card-less payment services, the security technologies applied include userID/password combined with one-time tokens and online banking access with one-time TAN.

In 2025, the leading Greek PSPs are Nexi, Paycenter (Piraeus Bank), Cardlink and EDPS. Cypriot PSPs active in Greece include VIVA Payments. Like in other European countries, local acquirers, a few cross-border acquirers, and foreign PSPs are active on the internet in Greece. The Greek online merchants are serviced on demand by about 20 PSPs, including foreign PSPs like.

Resident PSPs and Acquirers

Cross-Border and Foreign PSPs

Cardlink Details (Post-Acquisition by Worldline)

Acquiring and Acceptance 

In Europe, most acquirers offer multi-channel card acceptance and value-added merchant services at POS terminals, mobile MPOS terminals and online shops. The leading acquirers usually act on a European level and offer their services cross-border.

Additionally, innovative acquirers also offer the acceptance of card-less payment services based on partner agreements with the issuer of those payment services (e.g. account-based payments, wallets, prepaid products).

Most acquirers either operate their own acquirer systems and ATM/POS/MPOS network service hubs, or they use the processing services of external processors. In order to service online merchants in Europe, they may operate their own PSP processing platforms, or they co-operate with one or more specialised online payment service processors (PSPs).

From 2009, European acquirers compete in their home markets, cross-border on a European level, and cross-channel at POS terminals and servicing online merchants. From 2016, innovative acquirers started to offer omni-channel and multi-payment acceptance.

By mid-2025, omni-channel acceptance includes the ability to service all channels (i.e. POS/MPOS terminals, mobile in-store, online shops, in-app), and to accept multiple payment means in all of these channels. Multi-payment services demanded by merchants include cards, IBAN-based payments (SCT, SDD), online wallets, digital wallets, prepaid products, and immediate payments.

Outlook – By mid-2025, Greek acquirers face the following notable challenges:

Reflecting the dominance of the tourist business in the Greek economy, Greece is a substantial acquirer of card transactions from other parts of Europe. Multi-acquiring is common in Greece. Thus, many merchants have signed contracts with several acquirers and have POS terminals from each. In 2012, there were more than 15 acquirer banks in Greece, prior to the restructuring of the bank sector.

Following the recent divestments of most Greek banks from acquiring, the leading acquirers are Alpha Payment Services, EVO Payments, Euronet Worldwide and Worldline. Other notable acquirers include Attica Bank. Alpha Bank was the American Express acquirer until American Express ended their partnership. In 2014, Alpha Bank became the new owner of Diners Club Greece that is the Diners Club card acquirer. Table 5 illustrates the card brands accepted by the acquirers in Greece as of mid-2025.

5 - Leading Acquirers in Greece
Domestic AcquirersAcceptance Brands offeredOwned by
Alpha Payment ServicesMastercard, VISA, American Express, UnionPay; Debit Mastercard, VISA Debit, Electron, V PAYNexi Group (I), Alpha Bank (GR)
EVO Payments GreeceMastercard, VISA, JCB; Debit Mastercard, VISA Debit, Electron, V PAY2022: Global Payments (US)
Euronet GreeceMastercard, VISA, UnionPay; Debit Mastercard, VISA Debit, Electron, V PAEuronet Worldwide (US)
Worldline GreeceMastercard, VISA, UnionPay; Debit Mastercard, VISA Debit, Electron, V PAYWorldline Group (F)
Attica Bank (rebranded as CrediaBank)Mastercard, VISA; Debit Mastercard, VISA Debit, Electron, V PAYThrivest: 54.6%; HFSF: 36.2%, Others: 9.3%
Diners Club GreeceDiners, DiscoverAlpha Bank Group (GR)
Source: PCM research

Alpha Bank’s POS network supports all major brands. The bank claimed to have maintained and strengthened its leading position in the market for acquiring and clearing card transactions, as its market share exceeded 30% following the integration of the former Emporiki Bank and Citibank Greece. In September 2014, Alpha Bank was the first to launch a partnership with UnionPay. Alfa accepts all card brands from VISA, Mastercard, American Express, Diners, Discover, and UnionPay.

In 2021, Alpha Bank said it recovered its VISA and Mastercard market shares compared to its peers, whilst permitting partner merchants to continue accepting American Express cards, following the decision of American Express to undertake its proprietary cards acceptance in the country as of November 2019. The bank claimed over 190,000 POS terminals in its acquiring network as of 2021.

Nexi acquired Alpha Bank’s merchant acquiring business – In August 2021, Alpha Services and Holdings, the parent company of Alpha Bank, and Italian payment processor Nexi announced a strategic partnership for the carve-out of Alpha Bank’s merchant acquiring business, by way of a spin-off to a newly-incorporated entity in which Nexi will hold a 51% stake. In November 2021, the 100% subsidiary company of Alpha Bank, Alpha Payment Services, was established. This transaction was completed in June 2022 and resulted in the creation of Nexi Payments Greece which expects to have up to 196,000 POS terminals.

Worldline acquires Eurobank Merchant Acquiring – In December 2021, Worldline announced it would pay €256 million for an 80% stake in Eurobank Merchant Acquiring, one of the main acquirers in Greece with a 20% market share. Eurobank Merchant Acquiring manages 219 million transactions acquired per year, representing a payment volume of €7 billion from a 190,000 POS network and a portfolio of 123,000 merchants. The €256 million deal follows the acquisition of 92.5% of the share capital of Cardlink, a network services provider for both Eurobank and Alpha Bank. This transaction was completed in June 2022.

Eurobank Ergasias’s POS network comprised an estimated 220,000 POS terminals in 2023, up from around 208,000 POS terminals across Greece by end-2017.

NBG – In December 2021, NBG announced a strategic cooperation with EVO Payments on its merchant acquiring business. The joint venture partnership will combine NBG’s client base with EVO’s payment technology expertise. NBG’s Merchant Acquiring Business will form the basis of the new company and EVO will acquire 51.00% of its share capital for a cash consideration of €158 million, valuing NBG’s merchant acquiring business at €310 million. In addition, there will be a long-term exclusive distribution agreement where NBG will offer its merchants card acceptance solutions through proprietary products and processing platforms of EVO. As of 2021, NBG’s merchant acquiring services covered 203,000 merchants. In May 2022, a wholly owned subsidiary of the Bank, under the name of NBG Pay S.A. was established and by December 2022, following the receipt of all required regulatory approvals, NBG completed the sale of 51% of NBG Pay S.A.’s share capital to EVO for a consideration of €158 million. In addition, a long-term exclusive commercial agreement was signed between NBG, NBG PAY S.M.S.A. and EVO, where NBG will offer to its merchants the market-leading, card acceptance solutions of NBG PAY S.M.S.A., through the proprietary products and processing platforms of EVO.

Piraeus Bank – In March 2022, Piraeus Bank, Piraeus Financial Holding’s subsidiary, completed the spin-off of its merchant acquiring services to a new company and its subsequent sale to Euronet Worldwide. Within the framework of this agreement, Piraeus Bank and Euronet Worldwide formed a new long-term strategic cooperation with respect to merchant acquiring. The total consideration of the transaction amounted to €300 million.

In 2021, Piraeus Bank’s merchant acquiring unit recorded card transactions increasing by 23% in terms of turnover value, 19% in terms of transactions volume, and 40% in terms of net result from 2020. At the end of the year, Piraeus Bank had 243,000 EFT/POS terminals installed in more than 200,000 points of sale.

POS acquiring turnover recorded significant annual growth of 33%, with each month of 2021 showing higher turnover than the corresponding month in 2020, supported by the activation of 10,900 merchant customers and continued actions to optimise acquiring relationships.

Cardlink is active in providing POS terminal network services in Greece. In January 2015, the entire share capital of Cardlink, held by Alpha Bank and Eurobank Ergasias at 50% each, was sold to Quest Holdings Group for €15 million.

In May 2021, Worldline signed a binding agreement for the acquisition of 92.5% of the share capital of Cardlink. According to Worldline, the acquisition of Cardlink is a strategic opportunity to expand Worldline’s Merchant Services business in the Greek market with unique access to the leading local payment acceptance network. Cardlink serves over 243,000 merchants, managing around 500 million transactions per year, giving it a market share of 53%. Cardlink also provides more than 10,000 online merchants with value-added services through the Cardlink check-out offering.

Payment Institutions

As of 31 December 2024, there were 14 payment institutions resident in Greece operating in the Greek financial market.

Authorised in another EEA member state, additionally, a total of 304 cross-border payment institutions provided notification of operating in Greece under the EU passport system. Most of the institutions report payment services taking the form of remittance business.

ATM Terminal Infrastructure 

ATM networks in Greece are owned individually by the banks, but their ATM concentrator hubs are interlinked through the card processing companies and DIAS to form a national ATM network. The EMV migration of ATM terminals has been completed, since mid-2011.

Greek ATM terminals are open for debit cards (Debit Mastercard, Maestro, Cirrus, Electron, Plus, VSA Debit, and V PAY) and credit cards (Mastercard, VISA, American Express, Diners, and JCB). So far, the ATMs of Alpha Bank, NBG, Eurobank, and Piraeus Bank support euro cash withdrawal and balance inquiry with Chinese UnionPay Cards.

In 2012, DIAS implemented PIN selection capabilities for cardholders at all Greek ATMs.

ATMs per million inhabitants per inhabitant per year are among the lowest in the EU, with 580.5 Greek ATMs per million inhabitants at end-2024 compared with the respective EU total of 642.2.

The sustained impact of the COVID-19 pandemic and restrictions on physical cash usage can be seen in ATM withdrawals. In 2024, there were 6,113 ATMs (+2.24%) and 166.64 million cash withdrawals on cards (-0.91%) with a total value of €41.59 billion (+6.49% from 2023). There were on average 2,271.7 cash withdrawals per ATM per month (-3.09%), and the ATV per cash withdrawal accounted for €249.56.

The continued negative trend until 2013 was due to the crisis. The significant increase in 2014 and in 2015 is believed to be an impact of the more complete statistical reporting of the BGR. It is likely that so-called “on-us” withdrawals on cards at ATMs of the card issuer bank are reported, from 2014.

6 - ATMs and Cash Withdrawals in Greece
202020212022202320242025FGR 23/24GR 5YCAGR 5Y
ATM Terminals with cash function5,7405,7335,9355,9796,1136,2502.24%9.14%1.76%
Ø Number of TXs per ATM per month2,806.62,849.31,393.92,344.02,271.72,188.6-3.09%-35.36%-8.36%
Number of ATM cash withdrawals (m)193.32196.0299.28168.18166.64164.14-0.91%-29.46%-6.74%
- on domestic cards (m)187.95189.3694.16161.31158.72155.67-1.60%-29.40%-6.73%
- on foreign cards (m)5.376.665.126.877.928.4815.31%-30.47%-7.01%
Value of ATM cash withdrawals (€bn)40.7343.5621.9639.0541.5942.886.49%-3.37%-0.68%
- on domestic cards (€bn)38.8441.2220.5237.1039.3140.475.94%-1.82%-0.37%
- on foreign cards (€bn)1.892.351.441.952.282.4017.11%-24.07%-5.36%
ATV per ATM withdrawal€210.68€222.24€221.21€232.20€249.56€261.217.48%36.97%6.49%
# ATM Terminals per 1m capita - Greece536.5538.8561.0566.8580.5593.52.40%11.23%2.15%
# ATM Terminals per 1m capita - EU27 total685.3678.8641.3628.4628.4588.00.00%-28.25%-6.42%
Source: ECB, BGR.

Among individual banks, NBG had the second largest ATM network, with 1,406 ATMs at end-2024. Of the other large banks, Alpha Bank reported 1,193 ATMs, Eurobank 1,627 ATMs, and Piraeus Bank 2,092 ATMs. Among other banks, HSBC had 15 ATMs in Greece while Attica Bank reported 63 ATMs at end-2023, according to HBA.

Beyond the core cash withdrawal function, Greek banks use ATMs to deliver a range of services to customers. For example, NBG’s ATMs can be used by its cash card holders to pay credit card bills, loan instalments and mobile phone bills. Both cash and credit card holders are able to buy pre-paid mobile phone top-ups via NBG’s ATMs. Alpha offers a similar range of services via its ATMs.

Cash-advance Services in Greece – Competition for ATMs 

In an Open Banking ecosystem, the dominant role of ATMs for cash withdrawal services may decline as more cash-advance and cash handling services are offered at retail outlets in Europe.

Cash in-Store – In parallel to ATM cash withdrawals on cards, the Greek banks consider the support cash-advance services on cards at POS terminals in retail outlets (see below).

POS Terminal Infrastructure

POS networks in Greece are operated individually by the banks, but their POS concentrator hubs are interlinked through the card processing companies and DIAS to form a national POS network. The EMV migration of POS terminals achieved 92% at end-2012 and was completed by 2013.

Eurobank and Alpha Bank, traditionally strong acquiring competitors, signed an agreement in September 2003 to form a jointly owned EMV-compliant POS network, so eliminating duplication of operations. The collaboration between Alpha and Eurobank was extended in 2006 to include Citibank.

Accepted card brands at most Greek POS terminals are debit cards (Debit Mastercard, Maestro, Electron, VISA Debit, and V PAY), and credit cards (Mastercard, VISA, American Express, Diners, and JCB). Since May 2012, UnionPay cardholders can pay with their card at selected retail stores that are popular with tourists. Also, Dynamic Currency Conversion (DCC) and Tax Refund services are offered at those tourist locations.

Many Greek merchants have had POS terminals from all Greek acquirers on their shop counters. Imprinters were present in rural regions and on islands – they were also retained in case of technical problems with EFTPOS terminals. However, following the consolidation in the Greek bank sector, the total number of EFTPOS terminals has significantly declined from the peak in 2009. Also, most imprinters were phased out during the EMV migration process which ended in 2013.

According to BGR, in order to avoid double counting, the number of POS terminals is based on the legal ownership (terminal providers) and not the acquirer of the terminal.

As Bank of Greece aligned its statistical reporting to the new ECB statistical standards and provides more complete data, the figures from 2014 and the previous years are no longer comparable.

According to BGR, in 2024, there were 1,324,916 POS terminals in Greece (+11.90% from 2023), most of them contactless POS terminals. The reasons for the extremely high growth rate of the Greek POS terminal estate from 2016 are the new fiscal measures designed to reduce the scope for concealing income, restrictions on cash withdrawals at ATMs, and the new widespread use of electronic payments, since the financial crisis.

In 2024, there were 1,313.53 million POS payments (+25.72%) with a total value of €36.08 billion (-26.58% over 2023) giving on average 82.6 payments per POS terminal per month, and the ATV per POS payment amounted to €27.47.

7 - POS Terminals in Greece
202020212022202320242025FGR 23/24GR 5YCAGR 5Y
POS terminals in Greece793,528836,6191,057,2961,184,0251,324,9161,482,57211.90%95.52%14.35%
Ø Number of TXs per POS per month105.9119.8135.073.582.668.012.35%-13.27%-2.81%
Number of POS payments (m)1,008.091,202.911,712.301,044.821,313.531,210.4325.72%69.58%11.14%
- on domestic cards (m)952.651,147.831,277.69880.681,055.691,099.7819.87%49.35%8.35%
- on foreign cards (m)55.4555.08434.60164.14257.84110.6457.09%280.77%30.66%
Value of POS payments (€bn)31.7038.3749.1528.5136.0840.0026.58%45.58%7.80%
- on domestic cards (€bn)26.7732.3835.2922.9126.8530.0717.15%46.34%7.91%
- on foreign cards (€bn4.935.9913.865.599.249.9365.21%43.44%7.48%
ATV per POS payment€31.44€31.90€28.71€27.28€27.47€33.050.69%-14.15%-3.01%
# POS Terminals per 1m capita - Greece74,171.378,626.699,941.2112,249.6125,807.6140,777.812.08%99.67%14.83%
# POS Terminals per 1m capita - EU2731,503.734,817.042,741.747,601.147,601.153,032.00.00%71.63%11.41%
Source: ECB, BGR.

Cash-advance services (‘cashback’) at Greece POS terminals are offered by many merchants. However, cash-advance services have declined since 2008 playing only a niche role following the financial crisis.

MPOS Terminals – Small and mobile merchants have started to use their smart phone and tablet PCs as a kind of mini-POS+ECR device with added chip reader dongle. In late 2012, Square clones like Zettle, SumUp, Miura, and others launched their MPOS services in Europe. In 2013, Dutch Adyen, launched its MPOS service Shuttle in Greece.

It is believed that Greek merchants also demand MPOS terminals. Further, merchants can initiate MOTO-like card payments on their smart phones and tablets by downloading a payment app.

In October 2017, SumUp launched its MPOS terminal service in Greece. Small business owners in Greece can take card payments with their smartphone and the SumUp Air card reader without any monthly fees or contractual obligations.

SmartPOS Terminals – In 2018, POS terminal vendors launched innovative new types of POS terminals. Named SmartPOS terminals, they combine the electronic cash register functionality (ECR) used by merchants in outlets with a contactless POS payment terminal and merchant services in the cloud. For the very first time, the so far separated ECR devices and POS terminals are integrated in just one checkout solution device. From late 2018, SmartPOS terminal vendors like Castles, Clover, Ingenico, Justtide, Handpoint, PAX, Poynt, Verifone, Worldline, and others have launched their SmartPOS devices and services in Europe. It is believed that Greek SME merchants will embrace SmartPOS terminals.

In October 2022, after completing the sale of its POS division, Worldline announced the closing of the acquisition of 55% of the capital of SoftPos.eu, which transforms Android mobile devices into secure payment terminals. The acquisition is part of Worldline’s strategy to provide payment solutions adapted to all forms of commerce and move towards a more advanced POS terminal business. On the back of SoftPos.eu, Worldline will launch Worldline Tap on Mobile, an end-to-end solution, based on an Android app, allowing all merchants of all sizes to accept payments using a smartphone, tablet, or a professional terminal.

Remote Payments on the Internet – Cards & More

By end-2024, Greece was one of the smaller e-commerce markets in Europe with a sluggish online shopping population. From 2015, due to EU VAT regulation, Greek merchants have to collect the applicable VAT rate for cross-border sales based on the consumers’ residence.

Internet Use – In 2024, 87% of Greeks used the internet and 75% of internet users purchased in online shops in the last 12 months.

In terms of encouraging growth of online merchants, the Greek government gives €5,000 to small businesses to digitise and get online. When the COVID-19 pandemic broke out, only 15% of Greek enterprises (about 8,000) had an online presence. Through initiatives like these, the government expected a 30% increase in the number of online merchants by 2021. During the year, more than 18,000 Greek merchants had an e-commerce site, which is expected to rise by 30,000 by 2023. According to The Hellenic Statistical Authority (ELSTAT), total e-commerce turnover in Greece skyrocketed between 2017-2022 from $5.5 billion to $22.55 billion and this further grew to $31.5 billion in 2024. In 2024, of the 41,447 businesses with 10 or more employees surveyed, 41,027 (99%) reported using the Internet for professional purposes, a decrease of 2% over 2023 figures. Of the businesses surveyed, 23.7% report receiving orders through e-shops, special applications, or EDI type messages. The turnover from these orders amounted to $31.5 billion, 8.4% of total turnover, demonstrating a 25.8% increase from $25.0 billion in 2023.

In 2024, e-commerce turnover was €18.20 billion, up 5.20% compared to 2023. The average expenditure per capita was €1,728.2 while it was €2,313.1 per online buyer (see Table 9). Greek e-commerce (eGDP) had a 7.67% market share in overall Greek GDP.

8 - Internet Use in Greece
202020212022202320242025FGR 23/24GR 5YCAGR 5Y
Households with internet access80%85%85%87%87%87%-0.01%9.99%1.92%
Last internet use (individuals, 12 months)79%79%84%86%87%88%1.16%14.47%2.74%
Internet users who bought online58%68%70%67%75%83%10.78%45.59%7.80%
Last online purchase (individuals, 12 month)46%54%59%58%65%73%12.07%66.67%10.76%
Last online purchase (individuals, 3 month)38%47%46%48%48%54%0.00%50.94%8.58%
Mobile phone subscriptions per 100 population108.6%110.0%109.1%111.0%114.0%114.3%2.70%1.45%0.29%
B2C e-commerce revenue (€bn)13.3014.4015.8517.3018.2019.105.20%142.67%19.40%
Annual B2C eCommerce growth rate/year77.3%8.3%10.1%9.1%5.2%4.9%−−−
Ø B2C e-Commerce amount per capita €1,243.2€1,353.3€1,498.2€1,640.1€1,728.2€1,813.65.37%147.05%19.83%
Ø B2C e-Commerce amount per online buyer€2,135.0€1,979.9€2,133.1€2,431.9€2,313.1€2,186.3-4.88%69.69%11.15%
Source: Eurostat, ITU.

Cards on the Internet (CNP) – All cards with international brands are accepted in Greek online shops once the merchant has signed an acceptance contract accordingly. Also, the Greek banks and e-money institutions (EMIs) issue prepaid cards and virtual cards for internet use only. 3D-Secure technology is recommended when paying online with cards in online shops. Further, web-based mail order services for merchant-initiated payments and Dynamic Currency Conversion (DCC) are offered.

The Greek e-payment mix – For payments less than €100, cash-on-delivery and card-on-delivery are preferable payment services. As of 2024, consumers started to use credit cards more for online purchases, which was an opportunity for credit and debit cards to become the first choice for online payment.

According to the ECB, cards were used by 58% of Greek consumers for online payments in 2020, followed by e-payment solutions like digital wallets (21%), credit transfer (6%) and cash-on-delivery (5%).

Remote Payments on the Mobile Internet – Since 2011, online buyers with a high affinity for smart phones have started to use their mobile phones for shopping on the mobile internet. Mobile online shops can be accessed by mobile internet, by mobile app, or by scanning a 2D QR-code displayed in a newspaper or at a bus station. Thus, remote mobile phone payments are executed either by using the e-payment page of the mobile online shop or by using payment apps of a PSP or an acquirer.

Also, Greek merchants can download a payment app from their acquirer in order to initiate MOTO payments with cards and/or online direct debits. Leading Greek merchants are testing their own mobile apps including loyalty functions (e.g. e-vouchers, discounts, outlet finder, QR-code scanning).

Mobile Payments Overview

In 2024, 114.0% of Greeks have subscribed to a mobile phone. Many Greeks own more than one mobile phone, and 87% own a smart phone (up from58% in 2013). Tablet penetration stands at 45% in 2024.

Since 2011, the next generation of mobile services and payments has started, pushed by online buyers’ high affinity to smart phones and tablets and also by new disruptive technologies (1D-barcodes, QR-code, Bluetooth BLE and NFC.

Mobile initiatives in Greece are field testing and using new technologies either as initiating form factors to bridge to online shops on the internet (1D-barcodes, QR-code, NFC) or to enable contactless access to the retail POS outlet (1D-barcodes, QR-code, BLE, Bluetooth Low Energy, NFC Stickers, Mobile NFC Phones) e.g.:

The m-Payment Mix in Greece – There are no official m-payment statistics, but PSP information indicates that the domestic m-payment mix is similar to the e-payment mix (see Remote Payments on the Internet section).

IRIS Instant Payment System – As of December 2025, IRIS (the Greek mobile instant payments platform, run by DIAS and banks) became mandatory for all businesses to accept, enabling real-time, account-to-account (A2A) payments via mobile—all you need is an IBAN, phone number, or tax ID (AFM) for the recipient.

Over 3.3 million Greek IBANs are already connected to IRIS—by Spring 2025, all point-of-sale systems must allow instant IRIS payment acceptance, supporting a government initiative to promote cashless and transparent transactions

Mobile Payment Initiatives

In 2025, the various European mobile payment initiatives can be grouped into

European Payments Initiative (EPI) – In July 2020, a group of 16 major Eurozone banks announced the start of the implementation phase of a new unified payment scheme, the European Payment Initiative (EPI).

In 2021, the 31 founding bank groups from seven European countries and two third-party acquirers had included:

In March 2022, EPI gave up on its effort to build a rival to Mastercard and VISA in Europe after more than half its members left. However, 13 shareholders confirmed on February 25th that they remain convinced of the strategic value of a unified payment solution, leveraging instant payments, and want to go ahead. Therefore, the EPI interim company is now adapting its scope and objectives to this new dimension excluding cards.

The remaining shareholders of EPI include Banco Santander, Banque Fédérative du Crédit Mutuel, BNP Paribas, Crédit Agricole, Deutsche Bank, Deutscher Sparkassen- und Giroverband, Groupe BPCE, ING Bank, KBC Bank, La Banque Postale, NETS (NEXI), Société Générale and Worldline.

In April 2023, the European Payments Initiative acquired the Dutch payment scheme iDeal and, the mobile payments app, Payconiq, both supported by a host of Belgian and Dutch banks.

In July 2024, EPI launched its mobile-first wallet and instant account-to-account payment solution, Wero, for customers of German Sparkassen and Volksbanken, Raiffeisenbanken.

Since its launch in July 2024, Wero has expanded its availability across Europe. By June 2025, the service had been introduced in Germany, France, and Belgium, with plans to extend to Luxembourg in June 2026 and the Netherlands in 2027. The wallet has gained significant traction, reaching approximately 70 million users by September 2025, with 43.5 million active users across the three initial countries.

The ambition of EPI is to create a unified pan-European payment solution leveraging Instant Payments, SCTINST, offering a card for consumers and merchants across Europe, a digital wallet, and P2P payments.

The solution aims to become a new standard payment service for European consumers and merchants in all types of transactions including in-store, online, cash withdrawal and “peer-to-peer” in addition to existing international payment scheme solutions.

EPI’s objective is to offer a digital payment solution that can be used anywhere in Europe and to supersede the fragmented landscape of domestic payment services that currently still exists. In doing so, EPI founders are responding to merchant and consumer communities that have been calling for payment initiatives to take a more pan-European approach.

EPI will first and foremost benefit European citizens, and it will also bring tangible benefits to European merchants, by offering them a seamless, competitive, and unified pan-European payment service solution that is also available to all European consumers.

The beginning of the implementation phase is expected to materialise through the creation of an interim company in Brussels, Belgium, which will set out clear deliverables including the completion of the technical and operational roadmap and initiating the implementation work. The accomplishments of this interim company will be evaluated by each bank before moving on to the EPI’s final corporate structure.

Wero – In September 2023, EPI has selected ‘Wero’ as the commercial name for its forthcoming digital wallet solution. The Wero digital wallet will be rolled out in phases, initially to support account-to-account based instant P2P and consumer-to-business payments, followed by online and mobile shopping payments and then point-of-sale payments. EPI aims to launch Wero by mid-2024 in Belgium, France, and Germany, followed by the Netherlands, and aims to extend to other countries in the years to come. By November 2024, Wero had reached ~14 million users and processed ~8 million transactions in the live markets (Germany, France, Belgium) since its launch in July 2024.

As of September 2025, Wero has rapidly expanded its user base, reaching 43.5 million registered users across Germany, France, and Belgium. In Germany alone, approximately 1.3 million users are utilizing the service through Sparkassen banks. The platform has processed over €7.5 billion in transactions, underscoring its growing adoption.

In December 2023, EPI completed its first instant A2A payment transaction in a proof-of-concept between customers from German Sparkasse Elbe-Elster and French Banque Populaire and Caisse d’Epargne (Groupe BPCE). The inaugural transaction, worth 10 euros, was sent from a German account to a French account using SCTINST and the EPI’s digital wallet.

Central Bank Digital Currencies, Cryptocurrency Products 

In 2024, the Greek payment ecosystem was composed of traditional cash payments, digital cryptocurrency products of independent payment service providers and research and development of central bank digital currencies, CBDC. The regulation of cryptocurrencies is becoming increasingly relevant as independent cryptocurrency products have grown more prevalent, posing challenges for regulators and national central banks.

In July 2023, the European Union introduced the Markets in Crypto-Assets (MiCA) regulation, which aims to standardize cryptocurrency regulation across member states, including Luxembourg. This regulation addresses various aspects of crypto assets, such as market integrity, consumer protection, and financial stability, while also promoting innovation in the sector. Under MiCA, crypto-asset service providers will have specific obligations to protect users’ wallets and mitigate investment risks.

Central Bank Digital Currencies (CBDC) – The Digital Cash Challenge 

Central bank digital currency (CBDC), also called digital fiat currency or digital base money, is a digital currency issued by a national central bank (NCB), rather than by a commercial bank. It is also a liability of the NCB and denominated in the sovereign currency, as is the case with physical banknotes and coins.

All CBDCs are under the authority of the respective national central bank, and they are part of the domestic cash payment ecosystem. Rather than a new currency, CBDC is a form of central bank electronic money that could be used by households and businesses to make payments. In addition, most CBDC implementations will likely not use or need any sort of distributed ledger such as a blockchain.

Unlike “retail CBDC,” which is generally designed as a central bank liability universally accessible to individuals and businesses within a jurisdiction’s financial system, “wholesale CBDC” refers to a digitized central bank liability designed for sizable (generally interbank) transactions, and for which access is limited to certain financial institutions.

National Central Banks (NCBs) have been providing trusted money to the public for hundreds of years as part of their public policy objectives. Trusted money is a public good. It offers a common unit of account, store of value and medium of exchange for the sale of goods and services and settlement of financial transactions. Providing cash for public use is an important tool for central banks. Yet the world is changing.

Even before COVID-19, cash use for payments was declining fast and convenient digital payments have grown enormously in volume and diversity. To evolve and pursue their public policy objectives in a digital world, central banks are actively researching the pros and cons of offering a digital currency to the public, a “general purpose” CBDC.

Central banks’ interest in CBDC has increased as a potential means of delivering their public policy objectives. Profound, ongoing changes across finance, technology and society, as well as the recent COVID-19 crisis, provided additional impetus for the research of, and experimentation related to, CBDCs.

CBDC is a national digital currency issued by the central bank that is expected to replace or coexist with fiat money and hold the same value. Mobile money, on the other hand, utilises existing commercial banking-based accounting to manage customer wallet balances based on an exchange with cash or lines of credit and loans.

CBDC is a direct liability on the central bank as it is the main issuer of the currency, whereas digital money is the liability of commercial banks and other authorised financial institutions using funds on account. Although some implementation approaches propose that CBDC can be implemented in either an indirect or hybrid form, its liability remains on the respective national central bank.

Background on CBDC Evolution

In October 2020, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, Sveriges Riksbank, the Swiss National Bank and the Bank for International Settlements (BIS) published a report, Central bank digital currencies: foundational principles and core features, identifying the foundational principles necessary for any publicly available CBDC to help central banks meet their public policy objectives.

The report focused on a publicly available “general purpose” CBDC (a digital payment instrument, denominated in the national unit of account, that is a direct liability of the central bank).

A “wholesale” CBDC, restricted to financial institutions, is also an active area of exploration, notes the report, for central banks but one that carries different opportunities, challenges, and risks. The report explored the use cases for, and challenges and opportunities arising from, the possible issuance of a general purpose CBDC.

In September 2021, the same seven central banks and the BIS followed up with the publication of a new set of reports exploring the potential of retail CBDCs, including policy options and practical implementation issues. While none of the central banks has yet decided to proceed with a retail CBDC, they recognise such an instrument would have wide-ranging implications. Delivering on the future needs of consumers would require systems that encourage innovation, choice, and competition among a diverse mix of intermediaries.

BIS reported that a 2021 survey of central banks found that “86% are actively researching the potential for CBDCs, 60% were experimenting with the technology and 14% were deploying pilot projects.

The People’s Bank of China (PBoC) is piloting a ‘digital yuan’, known as e-CNY, in various cities, often in association with major sporting events, such as the Winter Olympics.

The ECB published a paper on the potential of a “digital euro” in October 2020, exploring the “benefits and risks” of such an initiative. It completed a public consultation in January 2021 and a series of focus groups in December 2021. Its investigation stage is expected to continue until October 2023, after which the ECB “will decide whether to start developing a digital euro.”

The US Federal Reserve reported in February 2022 that while it has made no decisions about “whether to pursue or implement” a CBDC, it was “exploring the potential benefits and risks of CBDCs from a variety of angles and was inviting public feedback on discussion papers.

The Bank of Japan said in October 2020 that it had no plans for a CBDC and was committed to maintain the cash system as long as there was public demand for it. It nevertheless intended to explore technical feasibility through a proof of concept, consider institutional arrangements and coordinate approaches with domestic and international stakeholders. In 2023, the Bank of Japan (BOJ) has announced that it will begin a pilot for its digital yen with commercial financial institutions. In February 2023, Bank of Japan has embarked on a CBDC trial.

In June 2023, the BIS and BoE said they completed a CBDC pilot project involving CBDCs jointly run by the Bank of England (BoE) and the Bank of International Settlements (BIS). Project Rosalind was designed to explore how a “universal and extensible API layer” could connect central bank and private sector infrastructures and enable retail CBDC payments. The project also sought to develop a number of retail-CBDC use cases.

According to the BIS and BoE, the project has successfully demonstrated that “a well-designed API layer could work with different private sector applications and central bank ledger designs and that a set of simple and standardised API functionalities could support a diverse range of use cases”.

In all, the project led to the development of 33 API functionalities and examined 30 retail CBDC cases including peer-to-peer transfers, retail payments for goods and services and small-value business transactions.

While CBDCs are still in experimental phases across major economies, 2024 has seen increased momentum towards real-world implementation, with several countries, notably China and the ECB, moving closer to full-scale rollouts. Public-private collaboration, technological innovation, and privacy concerns remain central to future CBDC development. Central banks worldwide continue to balance innovation with maintaining public trust and financial stability in this rapidly evolving space.

Global Status of CBDCs 

Most National Central Banks (NCBs) are involved in different stages of a CDBC project. Especially, the NCBs have different views on which kind of CDBC they would intend to launch as a digital currency:

As of 2023, the global CDBC status reveals that four central banks – Nigeria (e-Naira), Eastern Caribbean (D-Cash), Jamaica (JAM-DEX), and the Bahamas (Sand Dollar) – have introduced a domestic CBDC scheme.

Six countries have launched a CDBC pilot: France, Canada, China, India, Saudi Arabia, and Ghana.

The NCBs of most other countries are involved in either a CDBC proof-of-concept phase – including Norway, Hungary, and Sweden – or they are still in a CDBC research stage.

So far, Ecuador is the only country that has cancelled its CBDC ambitions, Dinero electronico.

CBDC, the European Union and the Digital Euro

In July 2021, the Estonian Central Bank released a report about its experiment with the ECB and the central banks of Spain, Germany, Italy, Greece, Ireland, Latvia, and the Netherlands to assess the functionality of the digital euro. The project was able to conduct 300,000 transactions per second, with an average rate of less than two seconds per transaction.

In June 2023, the European Commission (EC) has published its legislative proposal establishing the legal framework for a possible digital euro, stressing that the CBDC would be a compliment to, not replacement for, cash.

A digital euro would be available alongside existing national and international private means of payment, such as cards or applications. It would work like a digital wallet, with people and businesses able to pay with it anytime and anywhere in the euro area.

The digital euro would be available for payments both online and offline. While online transactions would offer the same level of data privacy as existing digital means of payments, offline payments would essentially be like paying with cash – with nobody able to see what people are paying for.

The digital euro would be distributed by banks and other payment service providers, with basic services provided to people free of charge. Merchants would be required to accept the digital currency unless they are cash-only firms.

The EC’s proposal still needs to be adopted by the European Parliament and the European Council before the European Central Bank decides whether to roll out a digital euro. Notably, the European Central Bank (ECB) is involved in the preparation phase, which will run until 2025. During this time, technical experimentation and legal discussions are ongoing before any formal rollout decisions can be made​.

As of 2025, the digital euro remains in development but has advanced beyond its early investigation stage. The European Central Bank (ECB) concluded its two-year investigation phase in October 2023 and entered a two-year preparation phase that runs until October 2025. During this stage, the ECB is refining the design, engaging market participants, testing prototypes, and drafting a comprehensive rulebook.

In 2024, the ECB published two progress reports (in June and December) and a third on in July 2025, detailing technical work, design choices (e.g. offline use, calibration, holding limits) and collaboration with stakeholders. The most recent report included further refinement of the rulebook, more user research, and expanded experimentation. The ECB launched an innovation platform that invited private and public sector actors (banking, fintech, merchants) to test ideas, use cases, conditional payments, and prototype features. Around 70 market participants are reported to have been engaged.

On the legal side, the European Commission’s draft regulation for a digital euro is still under negotiation by the European Parliament and Council. Adoption of this regulation is essential before the ECB can issue the digital euro. ECB leaders, including Christine Lagarde, have called on lawmakers to accelerate this legislative process. By October 2025, the ECB has indicated a second phase of the preparation for the Digital Euro. By then, the ECB will have prepared an outreach plan, procurement standards, and technology providers.

Pros and Cons of CBDCs

According to research by the Bank of England, BIS, and by several other central banks, the benefits of CBDCs include supporting increased innovation in the payment system with:

Possible challenges related to use of CBDCs could include:

The ECB commissioned multiple exploratory reports on the feasibility of a digital euro in 2020 and 2021. The ECB’s working paper suggests a two-tier system for a “general purpose” CBDC. In July 2021, the ECB announced that it would launch a 24-month investigation phase for the digital euro project, which aims to address key issues regarding the design and distribution of a digital euro. The investigation phase will include focus groups, prototyping and conceptual work. In February 2022, the European Commission announced that it will propose a bill that would serve as the legal foundation for the issuance of a digital euro by the ECB. In May 2022, Christine Lagarde stated that she would be willing to back the digital Euro. By June 2023, the ECB and European Commission had significantly advanced their legislative and technical work, moving closer to launching a pilot phase for the digital euro in 2024. The pilot phase is expected to assess the practical implementation of the digital euro, following the completion of the current investigation period​.

The working paper states that the use of CBDC for retail payments is the primary use-case for the development of a digital Euro. The paper also rejects the motivation of using CBDC as a store of value, which would involve consumers switching deposits from commercial banks into CBDC. The working paper also recommends that a CBDC should be interest-bearing, with attractive interest rates offered for smaller sums suitable for payments and lower rates available for larger amounts.

CBDC and Greece

As of mid-2025, the Bank of Greece had not made any public commitment to using a CBDC. Instead, it is actively participating in the European Central Bank’s (ECB) digital euro project, which aims to introduce a CBDC across the Eurozone.

Cryptocurrencies EU

The regulation of crypto assets and related services across Europe is not standardised and is highly fragmented. While no nation has outright banned usage of cryptocurrencies like Bitcoin, Ethereum and others, regulators have not formed a consensus over how to legislate such a quickly fluctuating market, where new cryptocurrencies emerge faster than regulators can catch up to.

The current approach across Europe is to adapt existing legislations to encompass cryptocurrencies, however, this is unlikely to be efficient as consumer and business usage changes.

In the European Union, the fifth Anti-Money Laundering Directive (AMLD5) covers certain crypto assets under the term “virtual currencies”, but it does not provide a harmonised approach. As a result, each Member State has created its own regulatory regime for transactions related to “virtual currencies” or crypto assets.

In response, the European Commission proposed the Markets in Crypto-assets (MiCA) regulation in 2020 as part of the Digital Finance Strategy, with MiCA expected to come into force in 2022 and will be directly applicable in all Member States after an 18-month transition period. MiCA will result in a harmonised set of rules for products and services and legal certainty related to crypto assets throughout the European Union in 2024. This would enable a larger number of investors to be active in this area and to use distributed ledger technology (DLT).

MiCA is to apply to all persons who want to issue crypto assets or provide services related to crypto assets in the EU.

The MiCA proposal is intended to lay down uniform rules on transparency and disclosure requirements for the issuance, offer to the public and the admission to trading of crypto assets. In addition, there are rules on the authorisation and supervision of crypto asset service providers and their issuers.

The main focus lies with the issuers of asset-referenced tokens and e-money tokens. The Regulation intends to regulate the operation, organisation, and governance of issuers of asset referenced tokens and e-money tokens and crypto asset service providers. There will also be investor protection rules for the issuance, trading, exchange, and custody of crypto assets. In addition, measures to prevent market abuse are to be included in the Regulation to ensure the integrity of the crypto assets markets.

In June 2022, the EU Council President and European Parliament reached agreement on MiCA regulation, ruling that crypto asset service providers will require authorisation to operate in the EU, not including NFTs or media-related digital assets.

Under the agreement, the regulatory framework will protect investors and consumers, while ensuring financial stability and enabling innovation and growth. The regulations will help protect consumers from fraud and scams, as crypto asset service providers will be liable if they lose assets and fail to protect investors’ wallets. The European Banking Authority (EBA) will form a public register of non-compliant crypto asset providers.

The regulation will also implement restrictions on stablecoins, with stablecoin issuers to be supervised by the EBA and their “holders will be offered a claim at any time and free of charge.”

Recent updates in 2024 have introduced detailed procedural standards for cooperation between national regulatory authorities (NCAs), enhancing their ability to oversee, investigate, and inspect crypto asset service providers. This framework ensures more consistent and transparent enforcement across EU jurisdictions, including stronger measures to prevent market manipulation and fraud.

MiCA’s comprehensive framework is expected to encourage more institutional investors to enter the crypto market, while providing a safer environment for retail investors. It also addresses environmental concerns by mandating transparency on the climate impact of certain crypto assets.

Unregulated Cryptocurrency Products – Background 

Regulators and national central banks are challenged by unregulated independent cryptocurrency products. Whereas CBDCs are under the authority of the central bank, almost all cryptocurrencies are decentralised, and not controlled or managed by any central authority.

Obviously, financial market authorities and the national central banks are not in favour of unregulated cryptocurrency products, and they see them as a systematic risk for the financial system. Their intention to regulate the respective cryptocurrency exchange platforms has gained momentum.

Cryptocurrencies, originally designed as a store of value, are digital assets, developed and maintained on decentralised blockchains, and they can be used as a medium of exchange or payment method. Bitcoin and Ethereum are the most popular forms of cryptocurrencies worldwide used by consumers and businesses for transactions.

As of 2022, over 400 million people worldwide used cryptocurrencies, with merchants and businesses in more sectors accepting it as a form of payment. The major payment schemes VISA and Mastercard, PayPal and along with a growing number of financial institutions, have launched services allowing consumers to purchase or use cryptocurrencies for a range of applications.

According to a 2022 Deloitte survey, around two-thirds (64%) of surveyed merchants indicated that their customers have significant interest in using digital currencies for payments, and 83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.

In addition, merchants are motivated by the prospect of enabling immediate access to funds (40% of respondents), taking advantage of blockchain-based innovations in decentralised digital finance (39%), and allowing in-house management of the revenue cycle/treasury/finance department (39%).

Over half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million on enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so.

A 2022 survey from Checkout.com found a sharp rise in people wanting to use cryptocurrencies as a means of payment, with 40% of 18-35-year-old consumers citing their desire to experiment with using crypto as a payment method, up from less than 30% in 2021. Meanwhile, over 80% of businesses say offering crypto has attracted new customers, led to a decrease in chargebacks, while just over 60% have seen higher authorisation rates accepting crypto payments.

A recent report by Triple-A for 2024–2025 reports estimate cryptocurrency ownership in Europe has climbed to approximately 50 million people, up from around 30 million in 2023. Crypto adoption in Europe grew to 8.9% of the adult population in 2025, driven by greater institutional access, major regulatory changes (like MiCA), and clearer frameworks for exchanges and wallet providers. This keeps Europe’s ownership rate ahead of previous years, though still trailing regions like Asia and the Americas in terms of total share and growth rate.

Stablecoins

Stablecoins are a type of asset-backed cryptocurrency, whose value is typically pegged to the value of an underlying asset such as USD, GBP, or commodities like gold. Stablecoins are partially backed by real assets, and they are designed to have a value pegged to real-world assets, therefore avoiding the extreme volatility that affects cryptocurrencies.

Stablecoins offer the potential benefits of cryptocurrencies, like transparency, security, immutability, and decentralised control, while maintaining the guarantees and stability that come with using fiat currency. Stablecoins have potential to be used in cross-border payments, providing a secure, online environment for peer-to-peer (P2P) transactions to take place without needing decentralised cryptocurrencies or to pay fees to convert money into local currencies.

As of mid-2025, there were more than 200 stablecoins globally, comprising a market that’s worth approximately $230 billion.

A survey of central banks in January 2021 found that two-thirds of respondents are actively researching the potential impact of stablecoins on financial stability. However, some regulators in the US and China, consider stablecoins as a potential serious risk to financial systems. The risk is especially high with centralised coins, such as those backed by fiat and issued by private organisations, as economic power would be disproportionately concentrated on a single entity.

The widespread use of stablecoins in payment platforms could also pose a systemic risk, in relation to the validation and confirmation of stablecoin transactions which could interfere with payment systems. If stablecoin users couldn’t access money in their e-wallets and businesses couldn’t receive payments, economic activity would be greatly disrupted. However, these risks have not deterred major institutions like JP Morgan and VISA to explore stablecoin use cases via partnerships and internal R&D.

Tether As of mid-2025, Tether remains the largest stablecoin globally, holding a market share of over 60%. This dominance is driven by its massive liquidity, broad adoption across exchanges and blockchains, and large reserve holdings, especially in U.S. Treasuries. Its nearest competitors include USD Coin (USDC), Binance USD (BUSD), and decentralized stablecoins like DAI, although Tether’s market share far exceeds them. Recent reports have shown Tether’s involvement in major financial markets and even Bitcoin mining, further reinforcing its stronghold on the crypto landscape.

Regarding Facebook’s Diem (formerly Libra) project, it was officially abandoned. Diem’s assets were sold off to Silvergate Capital in early 2022, marking the end of the initiative that once aimed to create a globally accessible digital currency. Regulatory pressures and internal challenges led to the dissolution of the project.

Market Size and Dynamics

Cards in Issue

With a population of 10.53 million, there were 1.72 payment cards per capita at end-2024. Including prepaid cards (e-money cards), there were 2.15 cards per capita.

The Greek market has seen impressive growth in international cards issued over the recent years. In 1999, there were only 4 million Mastercard or VISA-branded cards, but despite uneven progress, the figure reached 16.6 million cards in 2008 before falling back to 13.22 million in 2014. Reasons for the continued negative trend have been the Greek crisis and the consolidation in the bank sector.

Especially, new issuance of credit cards has faced particularly great pressure since 2008/9. Down from the peak with 6.9 million credit cards in 2008, almost 4.3 million credit cards were cancelled in the total market.

However, the new fiscal measures reducing the scope for concealing income, restrictions on cash withdrawals at ATMs, and the new widespread use of electronic payments, are reasons for growing card numbers in circulation, since the financial crisis.

Based on BGR figures, in 2024, there were 22.67 million cards composed of debit cards, delayed debit cards, credit cards, and prepaid cards, down by 2.12% from 2023. Debit cards accounted for 87.13% of the card base while credit cards had a share of 12.76% of the card base. In 2015, there were more than 800,000 contactless cards in circulation. In 2024, the number of contactless cards was 19.70 million according to ECB.

9 - Cards Issued in Greece
(000s)202020212022202320242025FGR 23/24GR 5YCAGR 5Y
Cards with a cash function17,352.117,951.219,280.918,320.318,348.218,376.20.15%17.30%3.24%
Cards with a payment function16,752.617,303.517,522.917,630.418,063.218,507.52.45%14.50%2.75%
- Cards with a debit function14,176.114,682.915,225.815,357.615,737.716,127.22.48%19.27%3.59%
- Cards with a delayed debit function24.919.923.422.720.98620.2-7.37%-35.90%-8.51%
- Cards with a credit function2,551.52,600.72,273.72,250.22,304.52,360.12.41%-9.53%-1.98%
E-money cards (prepaid cards)2,178.42,529.84,150.23,877.54,100.54,555.15.75%172.17%22.17%
Total Cards19,190.920,216.622,426.822,203.222,673.423,062.62.12%26.88%4.88%
Payment cards per capita - Greece1.571.631.661.671.721.762.62%16.93%3.18%
Payment cards per capita - EU27 total1.661.721.851.811.811.880.00%21.15%3.91%
Source: ECB, BGR.

Card Fraud

Card fraud is one of the most fascinating aspects of the payments industry, not least because it is relentless and mutating. EMV implementation and 3D-Secure, combined with Strong Customer Authentication (SCA), have done much to reduce domestic losses from lost and stolen cards in Europe. However, the war against fraud losses and the changing face of fraud continues to be a threat for the payments industry, including Greece.

The global card fraud challenges are Card-Not-Present fraud (CNP), cross-border fraud and counterfeiting on non-EMV cards. CNP fraud accounted for 80% of the total value of card fraud losses in 2020. From 2017, a new payment fraud category are fraud losses on contactless card payments. International card fraud continues to be smaller in scale than domestic card abuse but is proportionately far more common. And of course, fraudulent cross-border transactions on cards continue to grow on all purchase channels.

Losses from card fraud on the internet and cross-border fraud on domestic cards have grown significantly. Following EMV implementation, card fraud has moved increasing to countries where POS terminals or online shops have not yet been migrated to EMV and SCA, respectively, and to cross-border fraud with compromised cards.

The breakdown of card fraud losses by method of compromise already indicates the importance of distinguishing between domestic and cross-border fraud losses. The method of compromise covers the means by which fraudsters obtain payment cards or card details. Notable methods of compromise in a complex payment world are CNP fraud based on theft of card credentials and card lost and stolen fraud followed by growing ID fraud and by cross-counterfeit fraud.

The main method of compromise responsible for losses in many European countries is now the theft of card credentials. A high proportion of these card fraud losses are caused by the growth in e-commerce, and still the lack of use of strong customer authentication methods such as 3D-Secure.

In a post data-breach world, identity information, payment credentials, account credentials and responses to security questions are widely available for purchase in bulk. Complete fraud exploits and zero-day attacks are also easily available on the black market for outright purchase or as a hosted / fully managed service.

In the digital payments world and having the changing face of fraud in mind, there are significant challenges for card issuing banks, payment service providers and their supporting processors.

In 2015, with 6.9 basis points of card fraud losses (+5% on 2014), Greece was just behind the UK. However, Greece has very successfully fought all fraud types, except for CNP.

Counterfeit has gone from 25% of the total fraud in 2010 to 0.0%, and card Lost & Stolen has gone from 34% in 2010 to 0.0% — both expected post-EMV rollout. However, CNP fraud went from 31% of the fraud mix in 2010 to nearly 100% in 2017, before declining to 82.1% in 2018. However, CNP fraud rose again in 2022 to reach 92.7%. More than 80% of the CNP fraud was cross-border.

According to FICO, the international fraud prevention specialist, card fraud losses in Greece (+8.51% from 2021) have risen sharply from 2016 to reach €15.3 million in 2022.

10 - Card Fraud Losses on Greek Cards
(in € Mio.)20182019202020212022GR 21/22GR 5YCAGR 5Y
Counterfeit cards0.30.20.20.20.20.00%0.00%0.00%
Card lost or stolen fraud0.80.90.90.80.7-7.79%-26.23%-5.90%
ID fraud0.20.20.20.20.20.00%100.00%14.87%
Card not present fraud6.49.611.612.914.210.00%183.80%23.20%
other losses0.00.00.00.00.0−−−
Value of card fraud losses7.710.912.914.115.38.51%142.86%19.42%
Counterfeit fraud in %3.9%1.8%1.6%1.4%1.3%-7.84%-58.82%-16.26%
Card lost or stolen fraud in %10.4%8.3%7.0%5.7%4.8%-15.02%-69.62%-21.20%
CNP fraud in%83.1%88.1%89.9%91.5%92.7%1.37%16.86%3.16%
Source: FICO, Euromonitor International.

According to ECB figures published in August 2020, the value of fraud as a share of transaction fraud in 2018 was 0.007% by value and 0.009% by volume. According to ECB figures for H1 2023, the value of card fraud as a share of transaction value in Greece was 0.030% (EU/EEA average: 0.031%) and 0.016% (EU/EEA average: 0.015%) by volume. A significant update on Fraud numbers across Europe is expected from the ECB in 2026.

In 2018, acquirer card fraud losses by channel were composed of ATM fraud: 2%, POS fraud: 35% and high CNP fraud: 63%.

As most POS card transactions are authorised online-to-issuer, acquirer fraud rates in Greece are under control except for offline vending machines, e-commerce, and a few other hotspots. Obviously, EMV implementation has contributed significantly to declining fraud rates.

In 2018, issuer card fraud losses by channel were composed out of ATM fraud: 1%, POS fraud: 3% and a high level of CNP fraud: 96%.

Greek banks are pushing 3D-Secure, offer PIN-change services at ATMs and SMS notification to inform cardholders about the use of their credit card. The increasing numbers of chip technology cards, contactless cards and display cards have led to improved safety of payment transactions. Credit card fraud prevention measures taken have been pushing 3D-Secure, updating banks’ fraud prevention systems and real-time-scoring, and implementing more rule-based fraud control mechanisms.

Card Use

Card payments declined by 9.0% in the recent years with a negative CAGR of 1.9% until end-2013. This has been experienced in no European country other than Greece. It is obvious that the decline of card payments by number and by value from 2009 to 2013 was one of the impacts of the Greek financial crisis.

Until the end of 2014, a remarkable historical feature of the Greece market was that payments with credit cards outnumbered those with debit cards, e.g. 2.2-times by number and 3.1-times by value in 2013. Debit card payments have narrowed this gap slightly in recent years, but debit card use at the POS remained low. Obviously, credit cards continued to be a most popular cashless payment instrument in Greece.

Following the imposition of capital controls in 2015, there has been an unprecedented growth in the use of payment cards (debit, credit, prepaid) in Greece during the past two and a half years. Card payments are anticipated to rise, as from 1 January 2017, individuals are only granted tax free allowances on payments made via credit or debit cards.

For the first time in Greek history, from 2015 there were more debit card payments than credit card payments by number and by value. The extremely high growth rates of card use in 2015 and 2016 is a consequence of the imposition of capital controls in the summer of 2015 and continued measures from 2016.

The impact of the COVID-19 pandemic can be seen in virtually all card usage metrics, particularly in remote payments growth. Based on BGR reports for 2024, there were 2,283.77 million card payments (+14.02%) with a total value of €65.08 billion (+13.29% vs 2023). The ATV per payment amounted to €28.50, and there were on average 126.4 payments per card per year (+11.29%). Debit card payments amounted to 91.36% by number and 57.79% by value. Included in the card payments total for 2024 were 507.59 million remote payments on the internet (+21.27%) with a total value of €20.90 billion (+13.37% vs 2023).

The use of Greek cards abroad accounted for 278.98 million payments with a total value of €10.95 billion amounting to 12.22% and 16.83% of the card payments total, respectively.

11 - Payments with Greek Cards
202020212022202320242025FGR 23/24GR 5YCAGR 5Y
Cards with a payment function16,752,55817,303,45217,522,87017,630,40118,063,16218,507,5382.45%10.35%1.99%
Ø payments per card per year66.886.3101.1113.6126.4139.811.29%227.93%26.81%
Ø payment value per card per year€2,194.4€2,588.0€2,955.0€3,258.1€3,602.8€2,015.210.58%154.79%20.57%
Payments (m)1,119.331,492.801,771.592,002.962,283.772,587.5714.02%261.86%29.33%
- remote payments (m)145.52316.36323.19418.55507.59757.9621.27%642.41%49.32%
- with debit cards (m)902.601,203.761,612.471,821.312,086.392,390.0514.55%301.95%32.08%
- with delayed debit cards (m)2.202.201.972.242.262.300.89%4.15%0.82%
- with credit cards (m)214.53286.84151.14171.62186.90195.228.90%70.09%11.21%
Value of payments (€bn)36.7644.7851.7857.4465.0837.3013.29%181.15%22.97%
- remote payments value (€bn)9.2110.9712.7818.4420.9025.6713.37%554.91%45.63%
- with debit cards (€bn)31.3637.6457.1449.0537.6128.84-23.32%119.11%16.99%
- delayed debit cards (€bn)0.160.160.210.260.250.24-4.37%-4.04%-0.82%
- with credit cards (€bn)5.246.986.527.618.008.215.22%39.98%6.96%
ATV per card payment€32.84€30.00€29.23€28.68€28.50€14.41-0.64%-22.30%-4.92%
Source: ECB, Bank of Greece.

Cash Withdrawals on Greek Cards – Greece has a cash-based economy. Reflecting the consumer focus on cash, the cash withdrawals value on cards was higher in 2020 than the total card payments value. However, in 2024, card payments by number were 14.22-times higher than cash withdrawals on cards. Given that cash is so entrenched among consumers and that credit cards are still relatively widely-used with 186.90 million payments (+8.90% from 2023) in 2024 – Greek banks previously showed little incentive to drive forward debit card payments.

In 2024, there were 160.64 million cash withdrawals on Greek cards (-1.70%) with a total value of €39.76 billion (+5.82% over 2023). The ATV per withdrawal amounted to €247.53 and there were on average 8.8 withdrawals per card.

12 - Cash Withdrawals with Greek Cards
202020212022202320242025FGR 23/24GR 5YCAGR 5Y
Cards with ATM function17,352,13217,951,20219,280,92918,320,29518,348,22718,376,2020.15%10.99%2.11%
Ø payments per card per year10.910.65.08.98.88.6-1.85%-36.22%-8.60%
Ø withdrawal value per card per year€2,253.6€2,311.2€1,082.3€2,051.1€2,167.2€2,227.05.66%-11.38%-2.39%
Cash withdrawals on cards (m)189.23190.7295.78163.41160.64157.50-1.70%-29.21%-6.68%
- with domestic cards (m)187.95189.3694.16161.31158.72155.67-1.60%-29.40%-6.73%
- with domestic cards abroad (m)1.281.361.632.111.921.84-8.69%-8.52%-1.77%
Value of cash withdrawals (€bn)39.1041.4920.8737.5839.7640.925.82%-1.64%-0.33%
- with domestic cards (€bn)38.8441.2220.5237.1039.3140.475.94%-1.82%-0.37%
- with domestic cards abroad (€bn) (ECB)0.260.270.350.470.460.45-3.28%17.59%3.29%
ATV per cash withdrawal€206.65€217.54€217.87€229.95€247.53€259.837.65%38.95%6.80%
Total cash withdrawals per capita17.717.99.115.515.315.0-1.54%-27.86%-6.32%
Total withdrawals value per capita€3,655.1€3,899.3€1,972.6€3,562.4€3,775.8€3,885.95.99%0.25%0.05%
Source: ECB, Bank of Greece.

Card Use per Capita

According to BGR, card payments per capita were 216.1 in 2024 (+14.24% vs 2023) compared with 7.59 in 2008. Since its first peak in 2008, card payments per capita declined to 6.7 in 2012. The extremely high growth rates of card use in 2015 and 2016 were a consequence of the imposition of capital controls in the summer of 2015 and continued measures from 2016. In addition, there were 15.3 cash withdrawals on cards per capita in 2024.

Debit card use is now 198.1 payments per capita (up by 14.74% from 2023) whilst credit card use amounted to an average 17.7 payments per capita.

With 216.1 card payments per capita, Greece no longer has one of the lowest cards use figures in Europe, especially when compared with 168.34 card payments per capita for the EU27 total.

13 - Card Payments Per Capita in Greece
20202021202220232024GR 23/24GR 5YCAGR 5Y
Debit card payments per capita84.4113.1152.4172.7198.114.74%309.64%32.58%
Debit card value per capita€2,931.6€3,537.7€5,401.5€4,650.0€3,571.4-23.19%123.30%17.43%
Delayed debit card payments per capita0.20.20.20.20.21.05%6.14%1.20%
Delayed Debit card value per capita€14.6€15.1€19.7€25.1€24.1-4.22%-2.20%-0.44%
Credit card payments per capita20.127.014.316.317.79.08%73.34%11.63%
Credit card value per capita€490.0€655.8€616.1€721.0€759.95.39%42.66%7.37%
Total card payments per capita104.6140.3166.9189.1216.114.24%267.46%29.73%
Total card value per capita€3,436.2€4,208.7€6,037.4€5,396.1€4,355.4-19.29%101.95%15.09%
Source: ECB, BGR.

Debit Card Use

The impact of the COVID-19 pandemic accelerated the usage of debit cards in Greece as cash usage was discouraged, particularly in relation to low-value payments which largely migrated to contactless payments. According to BGR, Greek debit card payments accounted for 86.14% of total card payments by number and 85.32% by value. In 2020, there were 962.51 million debit card payments (+43.64%) with a total value of €31.36 billion (+55.73% vs 2019). The ATV per debit card payment accounted for €32.59, and there were 67.9 payments per debit card per year, up by 40.02% on the previous year.

Although relatively low in terms of payments per debit card per year in the whole EEA region, debit card payments in Greece have grown by a CAGR of 32.08% from 2020.

For the first time in Greek history, from 2015 there were more debit card payments than credit card payments by number and by value. The extremely high growth rates of card use from 2015 is a consequence of the imposition of capital controls in the summer of 2015 and continued measures from 2016.

14- Payments with Greek Debit Cards
202020212022202320242025FGR 23/24GR 5YCAGR 5Y
Debit cards14,176,09314,682,89415,225,83015,357,55215,737,69516,127,2482.48%13.89%2.64%
Ø payments per debit card per year63.782.0105.9118.6132.6148.211.79%252.93%28.69%
Ø payments value per debit card per year€2,212.5€2,563.7€3,753.1€3,193.8€2,389.9€1,788.4-25.17%92.39%13.98%
Payments (m)902.601,203.761,612.471,821.312,086.392,390.0514.55%301.95%32.08%
Value of payments (€bn)31.3637.6457.1449.0537.6128.84-23.32%119.11%16.99%
ATV per debit card payment€34.75€31.27€35.44€26.93€18.03€12.07-33.06%-45.49%-11.43%
Source: ECB, BGR.

Credit Card Use

After 2008, credit card use came under great pressure, reflecting the effects of the Greek financial crisis on Greek consumers. Since then, however, credit card usage has shown consistent growth in transaction numbers even as card numbers have declined.

According to BGR, following the extremely high growth rates for debit card use, Greek credit card payments accounted for 8.18% of total card payments by number and 12.30% by value in 2024. In part, these relatively static numbers may be explained by the stratospheric growth of debit payments – although credit payments are growing by number and value, they are doing so at around 20% of the rate of growth of debit payments.

In 2024, there were 186.90 million credit card payments (+8.90%) with a total value of €8.00 billion (+5.22% vs 2023). The ATV per credit card payment amounted to €42.82, and there were 81.1 payments per credit card per year. Since 2020, credit card payments have grown 11.21% by number and 6.96% by value.

15 - Payments with Greek Credit Cards
202020212022202320242025FGR 23/24GR 5YCAGR 5Y
Credit cards2,551,5302,600,6612,273,6662,250,1942,304,4812,360,0782.41%-8.77%-1.82%
Payments per credit card per year84.1110.366.576.381.182.76.34%86.45%13.27%
Payments value per credit card per year€2,054.5€2,683.2€2,866.9€3,380.0€3,472.8€3,479.52.74%53.45%8.94%
Payments (m)214.53286.84151.14171.62186.90195.228.90%70.09%11.21%
Value of payments (€bn)5.246.986.527.618.008.215.22%39.98%6.96%
ATV per credit card payment€24.43€24.33€43.13€44.32€42.82€42.06-3.38%-17.70%-3.82%
Source: ECB, Bank of Greece.

E-Money Use

In 2024, there were 4.10 million e-money cards of which none were active cards. There were 30.88 million e-money purchases (+108.59%) on active e-money cards with a total value of €0.48 billion (+80.80% from 2023). The ATV per e-money purchase amounted to €15.69.

16 - E-Money In Greece
20202021202220232024GR 23/24GR 5YCAGR 5Y
E-money institutions3333566.67%150.00%20.11%
Outstanding value on e-money storages (€bn)112.0100.089.379.771.2-10.70%-6.35%-1.30%
Cards with e-money function2,178,3822,529,8484,150,1763,877,4834,100,4935.75%172.17%22.17%
- thereof active e-money cards712,4971,154,153000NA-100.00%-100.00%
Number of e-money purchases (m)36.2447.2642.6614.8030.88108.59%-14.47%-3.08%
Value of e-money purchases (€bn)2.524.180.880.270.4880.80%-68.15%-20.45%
ATV per e-money payment €69.43€88.44€20.58€18.10€15.69-13.32%-62.76%-17.93%
Total e-money purchases per capita3.44.44.01.42.9108.93%-12.83%-2.71%
Total e-money purchase value per capita€235.2€392.8€83.0€25.4€46.081.09%-67.54%-20.15%
Note: active e-money cards have been loaded at least once. 80% of e-money purchases were made abroad.
Source: ECB, BGR.

Leading Card Issuer Details

Card Issuer National Bank of Greece (NBG)

National Bank of Greece, historically the principal Mastercard member in Greece, issues contactless Mastercard and VISA credit cards, Debit Mastercard cards, and prepaid cards. With 7.6 million cards in circulation, NBG claimed to sustain its leading position in the domestic cards market in 2024. The bank exhibited a notable increase in card-issuing turnover, with growth rates of 7.3%, and 25.9% for Debit and Credit cards, respectively from 2023.

In May 2022, a wholly owned subsidiary of the Bank, under the name of NBG Pay S.A. was established and by December 2022, following the receipt of all required regulatory approvals, NBG completed the sale of 51% of NBG Pay S.A.’s share capital to EVO for a consideration of €158 million. In addition, a long-term exclusive commercial agreement was signed between NBG, NBG PAY S.M.S.A. and EVO, where NBG will offer to its merchants the market-leading, card acceptance solutions of NBG PAY S.M.S.A., through the proprietary products and processing platforms of EVO.

Within its product range are a reloadable VISA prepaid card and a debit Mastercard card under the go4more loyalty programme. NBG also issues a co-branded Toyota VISA credit card and My Club VISA card.

Card Issuer Alpha Bank

Alpha Bank is the largest issuer of VISA cards in Greece and was the first Greek bank to issue more than one million VISA debit and credit cards. Alpha also held the American Express franchise for Greece until American Express ceased bank issuance of its cards. During 2000, Alpha began issuing Mastercard cards. In June 2016, Alpha Bank launched its MasterPass wallet.

In 2020, Alpha Bank cards maintained their top position in the Greek market, having issued over 4.0 million credit and debit cards in total. During 2019, Alpha Bank migrated nearly 1 million American Express cardholders to similar existing or new products, including the new Enter Bonus VISA and Enter Bonus Mastercard, which offer privileges such as rewards under the Bank’s Bonus Reward Programme. The bank claimed a 40% share of the Greek credit card market. Furthermore, in 2019 Alpha Bank introduced the Platinum Bonus Mastercard, a high-prestige credit card which offers significant privileges (double Bonus rewards, traveling privileges, Aegean Airlines discount codes and more.

In December 2020, the bank offered its retail customers the opportunity to open a new account, get a debit card and subscribe to e-Banking in a matter of minutes through myAlpha Mobile, the bank’s mobile banking app. Electronic issuing of debit cards rose from 15% to almost 25%.

The bank’s Bonus loyalty programme comprises over 1.5 million customers who hold 2 million Bonus products. During 2019, the bank launched a Bonus app and also launched Garmin Pay in the Greek market.

Debit card issuance through e-banking for individuals recorded an increase of 130% from 2020, reaching 40% of total issued cards, with mobile contributing one in four cards issued.

Alpha Bank, following its redesigned myAlpha Wallet for Android users, offered customers all the available digital wallets (Apple Pay, Google Pay and Garmin). Alpha Bank’s customers were able to add their VISA and Mastercard cards to the digital wallet of their choice and carry out contactless payments. The number of new transactions that were carried out via the bank’s digital wallets exceeding 13,500,000.

17 - Alpha Credit Card and Consumer Loan Balances
(€ billion)20202021202220232024GR 23/24GR 5YCAGR 5Y
Consumer loan balance3.72 1.48 1.32 1.18 1.15 -2.96%-69.59%-21.19%
Credit card balance1.220.981.020.950.993.78%-28.30%-6.44%
Note: balances at year-end (gross).
Note: figures from 2014 include absorbed banks, including Emporiki Bank and Citibank Greece.
Source: Alpha Bank.

Card Issuer Eurobank 

Eurobank issues contactless Mastercard and VISA credit cards, and contactless Debit Mastercard cards have replaced Maestro cards. In 2021, the total Eurobank card portfolio exceeded 3.15 million cards. During the year, Eurobank completed its xPays range of products, launching three new digital wallets: Apple Pay, Google Pay and Garmin Pay. This allowed Eurobank Visa and Mastercard cardholders to make payments directly using their iOS/Android mobile devices.

Eurobank continues to enhance its digital self-service solution offering via its Cards Control feature, available through the bank’s online banking platform. The €pistrofi loyalty programme achieved an increase in the value of transactions. Since 2006 €200,000,000 has been returned to clients through the €pistrofi loyalty programme.

Card Issuer Piraeus Bank

Piraeus Bank issues contactless debit cards branded Debit Mastercard or VISA Debit, contactless credit cards branded VISA or Mastercard, prepaid cards, and virtual cards for internet use only.

At the end of 2024, Piraeus Bank’s network comprised 2,092 ATMs. There were 501 Piraeus Bank easypay kiosks in branches and at partnering merchants, for customers to conduct their daily transactions (deposits, bill payments, loan instalments, prepaid card charging).

In 2023, Piraeus Bank reported total payments value reached €17.5 billion, up 13.7% year-on-year, in line with market trends in the Greek card payments market. In addition, cards in circulation reached 5.86 million (+3.3%), with payment volumes at 620 million (+16% year-on-year). Aimed at the constant upgrading of the cards value proposition, Piraeus Bank entered into a new strategic partnership with VISA for the issuance of credit, debit, and prepaid card, retail and business, exclusively under the Visa brand name. in this context, new Visa products will be gradually launched and all cards that are currently issued under the Mastercard brand will be migrated to the VISA brand.  During the year, Piraeus Bank incorporated Apple Pay, Garmin Pay, and Fitbit Pay to its range of digital wallets. 37% of customers included at least one card in their digital wallets in December 2021.

In 2021, Piraeus Bank redesigned the cards available to its customers and launched the first fully recycled payment card portfolio on the Greek market, made out of 99% recycled materials (PVC), maintaining all safety standards and durability specifications of standard plastic cards.

Attica Bank issues credit cards branded VISA, debit cards branded VISA Debit or Debit Mastercard, and prepaid cards branded VISA. The bank’s contactless rollout was completed in 2019, and 3D Secure was implemented for e-commerce transactions.

HSBC Bank Greece, the foreign branch of HSBC Bank France (F), issues a range of debit cards and credit cards branded Mastercard or VISA.

Consumer Finance 

An important feature of the Greek banking market ahead of the financial crisis was the rapidly expanding market for consumer credit. Consumer borrowing rose from €21.8 billion at end-2005 to €36.4 billion at end-2008. The growth was supported by Bank of Greece’s decision to lift ceilings on consumer credit in June 2003. Having risen strongly ahead of the financial crisis, consumer credits including credit card borrowing have declined since 2009 down to €8.57 billion in 2024 (-1.18% from 2023).

18 - Greek Consumer Credit Outstanding
(€ millions)20202021202220232024GR 23/24GR 5YCAGR 5Y
Total consumer credit14,1698,9798,6578,6728,570-1.18%-53.62%-14.24%
- on credit cards2,4752,0542,1672,1692,2523.83%-30.54%-7.03%
- on credit cards (in %)17.47%22.88%25.03%25.01%26.28%5.06%49.76%8.41%
Outstanding consumer credit per capita€1,324€844€818€822€814-1.02%-52.73%-13.92%
Source: Bank of Greece.

Greek households’ appetite for credit has been a major driver of credit card issuance. As a result, Greece is one of the few markets in mainland Europe where bank-issued credit cards are established as a significant source of consumer credit.

In fact, borrowing on credit cards has fallen during recent years as a share of total consumer credit. Credit cards amounted to 17.47% of outstanding consumer credit at end-2020 compared with 45% at end-2004.

According to the Bank of Greece in its 2007 annual report, this reflected “the higher interest rates on loans through credit cards, resulting in credit cards being used primarily as a means of payment, rather than a credit instrument.” This trend continued.

Nonetheless, given the overall growth in consumer borrowing, balances on Greek credit cards still grew significantly in absolute terms during the years before the crisis. Credit card balances increased from €6.2 billion at end-2003 to €10.0 billion at end-2008. They have since declined to just over €2.25 billion at end-2024.

Appendix

Significant Events in Greek Banking – source: Yearbooks research

September 2024

July 2023

March 2022

 Attica bank completed a merger by absorption of Pancreta bank in Greece. Following the merger, the combined entity will be known as ‘Credia Bank’.

HSBC Continental Europe completed the sale of its branch operations in Greece to Pancreta Bank.

Piraeus Bank sells merchant acquiring business to Euronet Worldwide
December 2021 NBG and EVO Payments form merchant acquiring joint venture
August 2021 Nexi acquires Alpha Bank’s merchant-acquiring EVO P business
Digital & Card Payment Yearbooks