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Learn moreNov 2020
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Prior to the onset of the COVID-19 situation, it was hoped that 2020 would be a year of strong development for credit cards in Greece. The category experienced substantial declines in the number of cards in circulation during 2018 as issuers reviewed their account portfolios, removing unprofitable accounts in which cards were being underused.
While Greece’s leading retail banks sought to actively promote their credit cards during 2020, they faced widespread indifference among the Greek population. Many Greek people have a general aversion to taking out credit unless absolutely necessary and this is largely due to bitter memories of the Greek financial crisis of 2007-2008, when many people found themselves in dire trouble as their inability to meet the repayment obligations on what were previously considered ordinary consumer credit products, including notably credit cards, saw their debts spiral out of control.
2020 saw credit card transactions record declining growth in both volume and value terms, while debit card transactions registered positive growth in both these measures over the course of the year. As mentioned above, many Greek people are still very hesitant about taking on unnecessary debt 12 years after the Greek financial crisis of 2008-2009 caused widespread financial hardship and misery throughout the country.
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Discover the latest market trends and uncover sources of future market growth for the Credit Card Transactions industry in Greece with research from Euromonitor's team of in-country analysts.
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Euromonitor’s industry reports, including Credit Card Transactions in Greece, originate from our database within our Consumer Finance market share and market size database
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.