JSB Market Research - Greece's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

Greece's Cards and Payments Industry: Emerging 

Opportunities, Trends, Size, Drivers, Strategies, Products and 

Competitive Landscape 

On 12 th May 2014 

Synopsis 

The report provides top-level market analysis, information and insights into Greece's cards and 

payments industry, including: 

 

 

 

 

 

 

Current and forecast values for each category of Greece's cards and payments industry, 

including debit cards, credit cards, charge cards and prepaid cards 

Comprehensive analysis of the industrys market attractiveness and future growth areas 

Analysis of various market drivers and regulations governing Greece's cards and 

payments industry 

Detailed analysis of the marketing strategies adopted for selling debit, credit, charge 

and prepaid cards used by banks and other institutions in the market 

Comprehensive analysis of consumer attitudes and buying preferences for cards 

The competitive landscape of Greece's cards and payments industry 

Summary 

Greece was the most severely affected country by the eurozone crisis, mainly as a result of 

government overspending, tax evasion and a budget deficit that eventually spiraled out of 

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control. The crisis also affected the entire banking system; most banks faced liquidity problems 

and loan defaults, which had a direct impact on the card payments channel. 

In terms of the number of cards in circulation, the prepaid and debit card categories registered 

healthy growth at compound annual growth rates (CAGRs) of 15.44% and 3.29% respectively 

during the review period (20092013). With the Greek economy anticipated to recover slowly 

over the forecast period (20142018), the prepaid and debit card categories are expected to 

grow at a healthy pace and register CAGRs of 21.80% and 4.62% respectively, while the credit 

and charge card categories continue to decline, albeit more slowly than during the review 

period. 

A well-developed mobile market and the growing popularity of smartphones have led to robust 

growth in mobile payments (m-payments), which posted a review-period CAGR of 41.55%, 

increasing from EUR26.2 million (US$36.3 million) in 2009 to EUR105.0 million (US$139.2 

million) in 2013. Over the forecast period, the value of m-payments is anticipated to further 

increase from EUR149.2 million (US$201.2 million) in 2014 to EUR803.0 million (US$1.1 billion) 

in 2018, at a CAGR of 52.32%. 

Banks such as National Bank of Greece (NGB), Alpha Bank and Eurobank Ergasias are partnering 

with merchants and online retailers to offer secure payment facilities, enabling customers pay 

online or via mobile phones linked to bank accounts. As a result, e-commerce recorded a 

review-period CAGR of 43.75% and grew from EUR962.3 million (US$1.3 billion) in 2009 to 

EUR4.1 billion (US$5.4 billion) in 2013. It is anticipated to post a forecast-period CAGR of 

32.94% to reach EUR18.0 billion (US$25.4 billion) by the end of 2018. 

Scope 

This report provides a comprehensive analysis of Greece's cards and payments industry. 

 

 

 

 

 

It provides current values for Greece's cards and payments industry for 2013, and 

forecast figures for 2018. 

It details the different economic, infrastructural and business drivers affecting Greece's 

cards and payments industry. 

It outlines the current regulatory framework in the industry. 

It details the marketing strategies used by various banks and other institutions. 

It profiles the major banks in Greece's cards and payments industry. 


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Reasons To Buy 

 

 

 

 

 

Make strategic business decisions using top-level historic and forecast market data 

related to Greece's cards and payments industry and each market within it. 

Understand the key market trends and growth opportunities within Greece's cards and 

payments industry. 

Assess the competitive dynamics in Greece's cards and payments industry. 

Gain insights in to the marketing strategies used for selling various card types in Greece 

Gain insights into key regulations governing Greece's cards and payments industry. 

Key Highlights 

In terms of the number of cards in circulation, Greeces card payments channel posted a reviewperiod 

CAGR of -2.92%, decreasing from 15.6 million cards in 2009 to 13.9 million in 2013, and 

is expected to post a forecast-period CAGR of 4.17% to reach 16.6 million cards in 2018. 

In terms of number of cards in circulation, Greeces card payments channel was dominated by 

the debit cards category in 2013, accounting for 74.3% of the channel. The second-largest 

channel share was held by credit cards 20.9%, followed by prepaid cards with 4.5%. The charge 

cards category held the smallest channel share of 0.3%. 

In terms of number of cards in circulation, the prepaid cards category is expected to register the 

highest forecast-period CAGR of 21.80%, while the debit cards category is expected to register 

the second-highest CAGR of 4.62%. However, the credit and charge card categories are 

expected to decline at forecast-period CAGRs of -5.64% and -4.16% respectively. 

Significant growth in mobile payments is expected to provide substantial scope for card 

transactions. Mobile payments recorded a review-period CAGR of 41.55%, increasing from 

EUR26.2 million (US$36.3 million) in 2009 to EUR105.0 million (US$139.2 million) in 2013. In 

February 2014, Alpha Bank, Vodafone, Visa Europe and First Data together launched a pilot 

project in Greece, introducing a conceptual mobile wallet app, Tap n Pay. These initiatives are 

expected to result in further growth for m-payments over the forecast period. 

E-commerce value increased significantly from EUR962.3 million (US$1.3 billion) in 2009 to 

EUR4.1 billion (US$5.4 billion) at a review-period CAGR of 43.75%. Over the forecast period, e- 

commerce is expected to grow to reach EUR18.0 billion (US$25.4 billion) by the end of 2018, at 

a CAGR of 32.94%. 


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Other industries we cover: 

 

 

 

 

 

 

 

 

 

Advertising and Media 

Automotive and Parts 

Consumer Goods 

Healthcare and Medical 

Finance and Banking 

Food and Beverages 

Travel and Tourism 

Textiles and Clothing 

SWOT Analysis 

Table of Content 

1 Summary 

2 Analysis of Market Environment, Key Trends and Drivers 

2.1 Payment Infrastructure and Emerging Technologies 

2.1.1 Rising internet penetration 

2.1.2 Rising mobile penetration and m-payments 

2.1.3 Adoption of EMV infrastructure 

2.1.4 Point of sale (POS) terminals 

2.1.5 Near field communication (NFC) and contactless adoption 

2.2 Business Drivers 

2.2.1 Growth in retail industry 

2.2.2 Growth in e-commerce 

2.3 Economic Drivers 


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2.3.1 GDP 

2.3.2 GDP per capita 

2.3.3 Inflation 

3 Cards and Payments Industry Share Analysis 

3.1 Industry Overview 

3.1.1 Credit transfer 

3.1.2 Check payments 

3.1.3 Cash transactions 

3.1.4 Card transactions 

3.1.5 Direct debit 

4 Regulatory Framework and Card Fraud Statistics 

4.1 Regulatory Framework 

4.1.1 Oversight 

4.2 SEPA Cards Framework 

4.2.1 Anti-money laundering legislation 

4.2.2 Foreign direct investment (FDI) regulations 

4.3 Card Fraud Statistics 

4.3.1 Lost or stolen cards 

4.3.2 Card-not-present fraud 

4.3.3 Counterfeit card 


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4.3.4 Card ID theft 

5 Emerging Consumer Attitudes and Trends 

5.1 Industry Segmentation and Targeting 

5.1.1 Retail segment 

5.1.2 Corporate segment 

5.2 Travel and Tourism Spending 

5.2.1 Outbound trips 

5.2.2 Outbound tourist spending 

5.3 Retail Card Spending 

5.3.1 Analysis by product categories 

5.3.2 Analysis by retail channels 

6 Analysis of Card Payments and Growth Prospects 

6.1 Channel Share Analysis by Card Category 

6.2 Size and Forecast of the Card Payments Channel 

6.2.1 Analysis by number of cards in circulation 

6.2.2 Analysis by transaction value 

7 Analysis of Credit Card Payments and Growth Prospects 

7.1 Overall Category Size and Forecast 




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7.1.3 Analysis by transaction volume 

7.2 Transaction Share Analysis by Channel 



7.3 Personal Credit Cards Segment Size and Forecast 




7.4 Commercial Credit Cards Segment Size and Forecast 




7.5 Competitive Landscape 

7.5.1 Scheme share analysis 

7.5.2 Issuer share analysis 

8 Analysis of Debit Card Payments and Growth Prospects 






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9 Analysis of Charge Card Payments and Growth Prospects 








9.3 Personal Charge Cards Category Size and Forecast 




9.4 Commercial Charge Cards Segment Size and Forecast 



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10 Analysis of Prepaid Card Payments and Growth Prospects 




10.2 Open-Loop Prepaid Cards Segment Size and Forecast 



10.3 Closed-Loop Prepaid Cards Segment Size and Forecast 



11 Merchant Acquiring 

12 Company Profiles of Card Issuers 

12.1 National Bank of Greece 

12.1.1 Key financials 

12.1.2 Card portfolio 


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12.1.3 Strategies 

12.2 Eurobank Ergasias 




12.3 Alpha Bank 




12.4 Piraeus Bank 




12.5 HSBC 



13 Appendix 

13.1 Methodology 

13.2 Contact Timetric 

13.3 About Timetric 


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13.4 Timetrics Services 

13.5 Definitions 

13.6 Disclaimer 

List of Tables 

Table 1: Greek Payment Channels (EUR Billion), 20092013 

Table 2: Market Entry Strategies of Foreign Banks 

Table 3: Greek Card Fraud (EUR Million), 20092013 

Table 4: Cards Offered to High Income Greek Individuals, 2014 

Table 5: Greek Shopping Cards, 2014 

Table 6: Greek Co-branded Cards, 2014 

Table 7: Greek Travel Cards, 2014 

Table 8: Greek Virtual Cards, 2014 

Table 9: Purchasing Cards Offered for Greek Business Customers 

Table 10: Greek Card Spending by Retail Product Category (EUR Million), 2008 and 2012 

Table 11: Greek Card Spending by Retail Channel (EUR Million), 20082012 

Table 12: Greek Card Payments Channel by Card Category (Million), 20092018 

Table 13: Greek Card Payments Channel Size by Volume of Cards (Million), 20092018 

Table 14: Greek Card Payments Channel Size by Transaction Value (EUR Billion), 20092018 


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Table 15: Greek Card Payments Channel Size by Transaction Value (US$ Billion), 20092018 

Table 16: Greek Credit Cards Category Size by Volume of Cards (Million), 20092018 

Table 17: Greek Credit Cards Category Size by Transaction Value (EUR Billion), 20092018 

Table 18: Greek Credit Cards Category Size by Transaction Value (US$ Billion), 20092018 

Table 19: Greek Credit Cards Category Size by Transaction Volume (Million), 20092018 

Table 20: Greek Personal Credit Cards Segment Size by Volume of Cards (Million), 20092018 

Table 21: Greek Personal Credit Cards Segment Size by Transaction Value (EUR Billion), 

20092018 

Table 22: Greek Personal Credit Cards Segment Size by Transaction Value (US$ Billion), 

20092018 

Table 23: Greek Personal Credit Cards Segment Size by Transaction Volume (Million), 20092018 

Table 24: Greek Commercial Credit Cards Segment Size by Volume of Cards (Thousand), 

20092018 

Table 25: Greek Commercial Credit Cards Segment Size by Transaction Value (EUR Million), 

20092018 

Table 26: Greek Commercial Credit Cards Segment Size by Transaction Value (US$ Million), 

20092018 

Table 27: Greek Commercial Credit Cards Segment Size by Transaction Volume (Thousand), 

20092018 

Table 28: Greek Debit Cards Category Size by Volume of Cards (Million), 20092018 

Table 29: Greek Debit Cards Category Size by Transaction Value (EUR Billion), 20092018 

Table 30: Greek Debit Cards Category Size by Transaction Value (US$ Billion), 20092018 

Table 31: Greek Debit Cards Category Size by Transaction Volume (Million), 20092018 


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Table 32: Greek Charge Cards Category Size by Volume of Cards (Thousand), 20092018 

Table 33: Greek Charge Cards Category Size by Transaction Value (EUR Million), 20092018 

Table 34: Greek Charge Cards Category Size by Transaction Value (US$ Million), 20092018 

Table 35: Greek Charge Cards Category Size by Transaction Volume (Million), 20092018 

Table 36: Greek Personal Charge Cards Segment Size by Volume of Cards (Thousand), 

20092018 

Table 37: Greek Personal Charge Cards Segment Size by Transaction Value (EUR Million), 

20092018 

Table 38: Greek Personal Charge Cards Segment Size by Transaction Value (US$ Million), 

20092018 

Table 39: Greek Personal Charge Cards Segment Size by Transaction Volume (Million), 

20092018 

Table 40: Greek Commercial Charge Cards Segment Size by Volume of Cards (Thousand), 

20092018 

Table 41: Greek Commercial Charge Cards Segment Size by Transaction Value (EUR Million), 

20092018 

Table 42: Greek Commercial Charge Cards Segment Size by Transaction Value (US$ Million), 

20092018 

Table 43: Greek Commercial Charge Cards Segment Size by Transaction Volume (Thousand), 

20092018 

Table 44: Greek Prepaid Cards Category Size by Volume of Cards (Thousand), 20092018 

Table 45: Greek Prepaid Cards Category Size by Transaction Value (EUR Million), 20092018 

Table 46: Greek Prepaid Cards Category Size by Transaction Value (US$ Million), 20092018 

Table 47: Greek Open-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 

20092018 


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Table 48: Greek Open-Loop Prepaid Cards Segment Size by Transaction Value (EUR Million), 

20092018 

Table 49: Greek Open-Loop Prepaid Cards Segment Size by Transaction Value (US$ Million), 

20092018 

Table 50: Greek Closed-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 

20092018 

Table 51: Greek Closed-Loop Prepaid Cards Segment Size by Transaction Value (EUR Million), 

20092018 

Table 52: Greek Closed-Loop Prepaid Cards Segment Size by Transaction Value (US$ Million), 

20092018 

Table 53: NBG Key Financial Indicators (EUR Billion), Year Ended December, 20112012 

Table 54: NBG Card Portfolio and Key Features 

Table 55: Eurobank Ergasias Key Financial Indicators (EUR Million), Year Ended December, 

20122013 

Table 56: Eurobank Ergasias Card Portfolio and Key Features 

Table 57: Alpha Bank Key Financial Indicators (EUR Million), Year Ended December, 20122013 

Table 58: Alpha Bank Card Portfolio and Key Features 

Table 59: Piraeus Bank Key Financial Indicators (EUR Million), Year Ended December 20112012 

Table 60: Piraeus Bank Card Portfolio and Key Features 

Table 61: HSBC Card Portfolio and Key Features 

Table 62: Key Definitions 

List of Figures 


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Figure 1: Benchmarking the Greek Payment Cards Channel Against Other Key Regional Markets 

Figure 2: Growth of Various Card Categories in Greece (%), 20092018 

Figure 3: Greek Internet Penetration (Internet Users per 100 Inhabitants), 20092018 

Figure 4: Greek Value of M-Payments (EUR Million), 20092018 

Figure 5: Greek EMV Cards Volume (Thousand), 20092013 

Figure 6: Greek POS Penetration (Terminals per 100,000 Inhabitants), 20092018 

Figure 7: Value of Greek Retail Sales (EUR Billion), 20092018 

Figure 8: Greek Value of E-Commerce (EUR Million), 20092018 

Figure 9: Greek Real GDP Growth (%), 20092018 

Figure 10: Greek Nominal GDP Per Capita (US$), 20092018 

Figure 11: Greek Inflation (Consumer Price Inflation) Rate (%), 20092018 

Figure 12: Greek Shares of Different Payment Channels (%), 2009 and 2013 

Figure 13: Types of Card Fraud in Greece (%), 2009 and 2013 

Figure 14: Greek Lost or Stolen Card Fraud Value (EUR Million), 20092013 

Figure 15: Greek Card-Not-Present Fraud Value (EUR Million), 20092013 

Figure 16: Greek Counterfeit Card Fraud Value (EUR Million), 20092013 

Figure 17: Greek Card ID Theft Value (EUR Thousand), 20092013 

Figure 18: Greek Cards and Payments Industry Segmentation by Card Type, 2014 

Figure 19: Greek Volume of Outbound Trips (Thousand), 20092018 


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Figure 20: Greek Outbound Tourist Spending (EUR Million), 20092018 

Figure 21: Greek Retail Card Spending by Retail Product Category (%), 2012 

Figure 22: Greek Retail Card Spending by Retail Channel (%), 2012 

Figure 23: Greek Card Payments Channel by Card Category (%), 20092018 

Figure 24: Greek Card Payments Channel Size by Volume of Cards (Million), 20092018 

Figure 25: Greek Card Payments Channel Size by Transaction Value (EUR Billion), 20092018 

Figure 26: Greek Credit Cards Category Volume and Penetration, 20092018 

Figure 27: Greek Credit Cards Category Size by Volume of Cards (Million), 20092018 

Figure 28: Greek Credit Cards Category Size by Transaction Value (EUR Billion), 20092018 

Figure 29: Greek Cards Category Size by Transaction Volume (Million), 20092018 

Figure 30: Greek Credit Cards Category Transaction Value Share by Channel (EUR Million), 

20092018 

Figure 31: Greek Credit Cards Category Transaction Volume Share by Channel (Million), 

20092018 

Figure 32: Greek Personal Credit Cards Segment Size by Volume of Cards (Million), 20092018 

Figure 33: Greek Personal Credit Cards Segment Size by Transaction Value (EUR Billion), 

20092018 

Figure 34: Greek Personal Credit Cards Segment Size by Transaction Volume (Million), 

20092018 

Figure 35: Greek Commercial Credit Cards Segment Size by Volume of Cards (Thousand), 

20092018 

Figure 36: Greek Commercial Credit Cards Segment Size by Transaction Value (EUR Million), 

20092018 


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Figure 37: Greek Commercial Credit Cards Segment Size by Transaction Volume (Thousand), 

20092018 

Figure 38: Greek Credit Cards Category Share by Scheme (%), 2013 

Figure 39: Greek Credit Cards Category Share by Issuer (%), 2013 

Figure 40: Greek Debit Cards Category Volume and Penetration, 20092018 

Figure 41: Greek Debit Cards Category Size by Volume of Cards (Million), 20092018 

Figure 42: Greek Debit Cards Category Size by Transaction Value (EUR Billion), 20092018 

Figure 43: Greek Debit Cards Category Size by Transaction Volume (Million), 20092018 

Figure 44: Greek Debit Cards Category Transaction Value Share by Channel (EUR Billion), 

20092018 

Figure 45: Greek Debit Cards Category Transaction Volume Share by Channel (Million), 

20092018 

Figure 46: Greek Debit Cards Category Share by Scheme (%), 2013 

Figure 47: Greek Debit Cards Category Share by Issuer (%), 2013 

Figure 48: Greek Charge Cards Category Volume and Penetration, 20092018 

Figure 49: Greek Charge Cards Category Size by Volume of Cards (Thousand), 20092018 

Figure 50: Greek Charge Cards Category Size by Transaction Value (EUR Million), 20092018 

Figure 51: Greek Charge Cards Category Size by Transaction Volume (Million), 20092018 

Figure 52: Greek Charge Cards Transaction Value Share by Channel (EUR Million), 20092018 

Figure 53: Greek Charge Cards Transaction Volume Share by Channel (Thousand), 20092018 

Figure 54: Greek Personal Charge Cards Segment Size by Volume of Cards (Thousand), 

20092018 


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Figure 55: Greek Personal Charge Cards Segment Size by Transaction Value (EUR Million), 

20092018 

Figure 56: Greek Personal Charge Cards Segment Size by Transaction Volume (Million), 

20092018 

Figure 57: Greek Commercial Charge Cards Segment Size by Volume of Cards (Thousand), 

20092018 

Figure 58: Greek Commercial Charge Cards Segment Size by Transaction Value (EUR Million), 

20092018 

Figure 59: Greek Commercial Charge Cards Segment Size by Transaction Volume (Thousand), 

20092018 

Figure 60: Greek Charge Cards Category Share by Scheme (%), 2013 

Figure 61: Greek Charge Cards Category Share by Issuer (%), 2013 

Figure 62: Greek Prepaid Cards Category Volume and Penetration, 20092018 

Figure 63: Greek Prepaid Cards Category Size by Volume of Cards (Thousand), 20092018 

Figure 64: Greek Prepaid Cards Category Size by Transaction Value (EUR Million), 20092018 

Figure 65: Greek Open-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 

20092018 

Figure 66: Greek Open-Loop Prepaid Cards Segment Size by Transaction Value (EUR Million), 

20092018 

Figure 67: Greek Closed-Loop Prepaid Cards Segment Size by Volume of Cards (Thousand), 

20092018 

Figure 68: Greek Closed-Loop Prepaid Cards Segment Size by Transaction Value (EUR Million), 

20092018 

Figure 69: Greek Merchant Acquirer Market Shares (%), 2012 


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JSB Market Research - Greece's Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

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