Financial Cards in Greece
Euromonitor International's Financial Cards in Greece report establishes the size and structure of the market for ATMs, credit cards, debit cards, store cards and smart cards. It looks at key players in the market (issuers and operators), number of cards in circulation, numbers transactions and value of transactions. It offers strategic analysis of sector forecasts and trends to watch.
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Tables: 101 | Publication date: Mar 2008
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- Get insight into trends in market performance
- Pinpoint growth sectors and identify factors driving change
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Product coverage
Financial cards in circulation; Transactions
Executive summary
Economy
The growth rate of the Greek economy in 2007 was high at 4%, in line with the average annual growth of the last decade and above the average development rate of the European zone. Similar to the previous year, domestic demand remained robust, reflecting vigorous private consumption that was sustained by increases in household lending and in consumer credit. The low interest rate environment, which was formed over the previous four to five years, and the subsequent strong credit expansion, fully offset negative factors for growth of the Greek economy such as high energy prices, which were sustained in 2007, and a tight fiscal policy.
Penetration of Financial Cards Increases at a Rapid Pace
Greece has historically been a country highly in favour of payments in cash. However, over the last few years of the review period, the banking system, together with the financial cards industry have gone through significant development and growth, and encouraged consumers' steady shift towards non-cash purchases/payments. The increasing number of new products, intense competition between banks, which brought about extensive offers in the large credit cards range, the expansion of the network of accepting merchants and the recent technological developments aiming at secure transactions, all drove growth of financial cards.
Debit Cards Remains a Developing Product Group
Unlike most European countries, debit cards comprises a smaller product group in Greece, which has only recently begun to develop dynamically. The penetration of debit cards is relatively low, as banks had previously focused on credit cards. This together with the preference among Greeks for cash payments, meant the advantages of debit cards were not recognised. However, over the review period and in line with the other European countries, debit cards were promoted extensively and registered high annual volume and value growth.
Growth of Credit Cards Sustained by Interest-free Payments
In Greece, credit cards are almost synonymous with financial cards. In the review period, the high levels of credit card penetration in the country and the intense competition between banks drove them to provide extensive offers primarily involving interest-free purchases in a large number of merchants. These were mainly in electric/electronic goods and apparel, where consumers can purchase an item and pay for it in interest-free instalments, the number of which depends upon the price of the product. This is a very common offer, which consumers now heavily demand although it was initially a defensive action taken to ward off consumers' growing preference for highly attractive low-interest personal loans, which were recently developed by most banks.
EMV Technology: An Important Development Against Fraud
The financial cards industry is highly competitive and operators are very active in terms of extending and improving their products, while also providing solutions to overcoming public concern over safety and expense issues. The use of the internet is becoming common, and e-commerce is experiencing very promising growth, especially among young consumers. Fraud, such as skimming and card cloning is of particular concern, and investment in security systems and authentication devices rose significantly during the review period. In line with the developments in the rest of Europe, EMV technology is already applied in cards, POS and ATMs and is anticipated to be a large part of the solution to the fraud problem in the mid-term.
Table of contents
FINANCIAL CARDS IN GREECE : MARKET INSIGHT
EXECUTIVE SUMMARY
Economy
Penetration of Financial Cards Increases at a Rapid Pace
Debit Cards Remains a Developing Product Group
Growth of Credit Cards Sustained by Interest-free Payments
EMV Technology: An Important Development Against Fraud
KEY TRENDS AND DEVELOPMENTS
Macroeconomic Trends
New Technology Trends
Ageing Population
Growth of Leading Credit Card Product Group Decelerates
OPERATING ENVIRONMENT
Consumer Credit and Lending
Issuer Fraud
Acquirer Fraud
E-commerce
M-commerce
ATM and POS Terminals
Cash Withdrawal vs Card Purchase
Governmental Regulation and Legislation
MARKET INDICATORS
Table 1 Number of POS Terminals 2004-2007
Table 2 Number of ATMs 2004-2007
Table 3 Disposable Income 2002-2007
Table 4 Consumer Credit 2002-2007
Table 5 Value Lost to Fraud 2002-2007
MARKET DATA
Table 6 Financial Cards: Transactions 2002-2007
Table 7 Financial Cards: Value 2002-2007
Table 8 Financial Cards: Number of Cards in Circulation 2002-2007
Table 9 Financial Cards: Number of Accounts 2002-2007
Table 10 Domestic versus Foreign Spend 2007
Table 11 Card Expenditure by Sector 2007
Table 12 Card Expenditure by Location 2007
Table 13 Financial Cards: Number of Internet Transactions 2002-2007
Table 14 Financial Cards: Internet Transaction Value 2002-2007
Table 15 Financial Cards: Number of Cards by Issuer 2002-2006
Table 16 Financial Cards: Number of Cards by Operator 2002-2006
Table 17 Financial Cards: Point of Sale Transactions by Acquirer 2002-2006
Table 18 Financial Cards Forecast: Transactions 2007-2012
Table 19 Financial Cards Forecast: Value 2007-2012
Table 20 Financial Cards Forecast: Number of Cards in Circulation 2007-2012
Table 21 Financial Cards: Forecast Number of Accounts 2007-2012
Table 22 Financial Cards Forecast: Number of Internet Transactions 2007-2012
Table 23 Financial Cards Forecast: Internet Transaction Value 2007-2012
DEFINITIONS
Cards by Type
Cardholder Behaviour
Card Expenditure by Sector
Value Lost to Card Fraud
Consumer Credit
Market Background
Sources
Summary 1 Research Sources
LOCAL COMPANY PROFILES - GREECE
ALPHA BANK SA - FINANCIAL CARDS - GREECE
STRATEGIC DIRECTION
KEY FACTS
Summary 2 Alpha Credit Bank: Key Facts
Summary 3 Alpha Bank: Operational Indicators 2004-2006
COMPANY BACKGROUND
COMPETITIVE POSITIONING
EFG EUROBANK ERGASIAS SA - FINANCIAL CARDS - GREECE
STRATEGIC DIRECTION
KEY FACTS
Summary 4 EFG Eurobank Ergasias SA: Key Facts
Summary 5 EFG Eurobank Ergasias SA: Operational Indicators 2004-2006
COMPANY BACKGROUND
COMPETITIVE POSITIONING
EMPORIKI BANK SA - FINANCIAL CARDS - GREECE
STRATEGIC DIRECTION
KEY FACTS
Summary 6 Emporiki Bank: Key Facts
Summary 7 Emporiki Bank: Operational Indicators 2004-2006
COMPANY BACKGROUND
COMPETITIVE POSITIONING
MELLON TECHNOLOGIES - FINANCIAL CARDS - GREECE
STRATEGIC DIRECTION
KEY FACTS
Summary 8 Mellon Technologies: Key Facts
Summary 9 Mellon Group: Operational Indicators 2004-2006
COMPANY BACKGROUND
COMPETITIVE POSITIONING
NATIONAL BANK OF GREECE SA - FINANCIAL CARDS - GREECE
STRATEGIC DIRECTION
KEY FACTS
Summary 10 National Bank of Greece: Key Facts
Summary 11 National Bank of Greece: Operational Indicators 2004-2006
COMPANY BACKGROUND
COMPETITIVE POSITIONING
SMART CARDS IN GREECE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 24 Smart Cards Sector Performance: 2002-2007
Table 25 Smart Cards Sector Performance: % Growth 2002-2007
Table 26 Smart Cards: Memory vs Microprocessor 2004-2007
Table 27 Smart Cards: Contact vs Contactless 2004-2007
Table 28 Smart Cards: Forecast Sector Performance: 2007-2012
Table 29 Smart Cards: Forecast Sector Performance: % Growth 2007-2012
ATM TRANSACTIONS IN GREECE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 30 ATM Cards Sector Performance: 2002-2007
Table 31 ATM Cards Sector Performance: % Growth 2002-2007
Table 32 ATM Cards: Forecast Sector Performance: 2007-2012
Table 33 ATM Cards: Forecast Sector Performance: % Growth 2007-2012
DEBIT TRANSACTIONS IN GREECE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 34 Debit Cards Sector Performance: 2002-2007
Table 35 Debit Cards Sector Performance: % Growth 2002-2007
Table 36 Debit Cards: Number of Cards by Issuer 2002-2006
Table 37 Debit Cards: Number of Cards by Operator 2002-2006
Table 38 Debit Cards Transactions by Acquirer 2002-2006
Table 39 Debit Cards Transaction Value by Operator 2002-2006
Table 40 Debit Cards: Forecast Sector Performance: 2007-2012
Table 41 Debit Cards: Forecast Sector Performance: % Growth 2007-2012
CREDIT CARD TRANSACTIONS IN GREECE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 42 Credit Cards Sector Performance: 2002-2007
Table 43 Credit Cards Sector Performance: % Growth 2002-2007
Table 44 Personal Credit Cards Sector Performance: 2002-2007
Table 45 Personal Credit Cards Sector Performance: % Growth 2002-2007
Table 46 Corporate Credit Cards: Sector Performance: 2002-2007
Table 47 Corporate Credit Cards: Sector Performance: % Growth 2002-2007
Table 48 Credit Cards: Number of Cards by Issuer 2002-2006
Table 49 Credit Cards: Number of Cards by Operator 2002-2006
Table 50 Credit Cards Transactions by Acquirer 2002-2006
Table 51 Credit Cards Transaction Value by Operator 2002-2006
Table 52 Personal Credit Cards Transactions by Acquirer 2002-2006
Table 53 Personal Credit Cards Transaction Value by Operator 2002-2006
Table 54 Corporate Credit Cards Transactions by Acquirer 2002-2006
Table 55 Corporate Credit Cards Transaction Value by Operator 2002-2006
Table 56 Credit Cards: Forecast Sector Performance: 2007-2012
Table 57 Credit Cards: Forecast Sector Performance: % Growth 2007-2012
Table 58 Personal Credit Cards: Forecast Sector Performance: 2007-2012
Table 59 Personal Credit Cards: Forecast Sector Performance: % Growth 2007-2012
Table 60 Corporate Credit Cards: Forecast Sector Performance: 2007-2012
Table 61 Corporate Credit Cards: Forecast Sector Performance: % Growth 2007-2012
CHARGE CARD TRANSACTIONS IN GREECE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 62 Charge Cards Sector Performance: 2002-2007
Table 63 Charge Cards Sector Performance: % Growth 2002-2007
Table 64 Personal Charge Cards Sector Performance: 2002-2007
Table 65 Personal Charge Cards Sector Performance: % Growth 2002-2007
Table 66 Corporate Charge Cards: Sector Performance: 2002-2007
Table 67 Corporate Charge Cards: Sector Performance: % Growth 2002-2007
Table 68 Charge Cards: Number of Cards by Issuer 2002-2006
Table 69 Charge Cards: Number of Cards by Operator 2002-2006
Table 70 Charge Cards Transactions by Acquirer 2002-2006
Table 71 Charge Cards Transaction Value by Operator 2002-2006
Table 72 Personal Charge Cards Transactions by Acquirer 2002-2006
Table 73 Personal Charge Cards Transaction Value by Operator 2002-2006
Table 74 Corporate Charge Cards Transactions by Acquirer 2002-2006
Table 75 Corporate Charge Cards Transaction Value by Operator 2002-2006
Table 76 Charge Cards: Forecast Sector Performance: 2007-2012
Table 77 Charge Cards: Forecast Sector Performance: % Growth 2007-2012
Table 78 Personal Charge Cards: Forecast Sector Performance: 2007-2012
Table 79 Personal Charge Cards: Forecast Sector Performance: % Growth 2007-2012
Table 80 Corporate Charge Cards: Forecast Sector Performance: 2007-2012
Table 81 Corporate Charge Cards: Forecast Sector Performance: % Growth 2007-2012
PRE-PAID CARD TRANSACTIONS IN GREECE
HEADLINES
TRENDS
COMPETITIVE LANDSCAPE
PROSPECTS
SECTOR DATA
Table 82 Pre-paid Cards Sector Performance: 2002-2007
Table 83 Pre-paid Cards Sector Performance: % Growth 2002-2007
Table 84 Pre-paid Cards: Number of Cards by Issuer 2002-2006
Table 85 Pre-paid Cards: Number of Cards by Operator 2002-2006
Table 86 Pre-paid Cards Transactions by Acquirer 2002-2006
Table 87 Pre-paid Cards Transaction Value by Operator 2002-2006
Table 88 Pre-paid Cards by Type 2004-2007
Table 89 Pre-paid Cards: Forecast Sector Performance: 2007-2012
Table 90 Pre-paid Cards: Forecast Sector Performance: % Growth 2007-2012