According to the survey, the vast majority of Greek consumers (7 out of 10) they use cards and digital wallets in their daily transactions.
Making payments by card seems to be particularly widespread and has acquired a more systematic character in the everyday life of consumers.
Almost 7 out of 10 (65%) use them cards to a “high” and “very high” degree during their daily transactions. The digital payments appear deeply embedded in the daily life of Greek consumers as almost 1 in 2 (46%) choose to carry both cash and cards with them every time they leave home. A notable percentage rely exclusively on cards (24%), surpassing those who choose cash exclusively (18%). At the same time, 12% choose to carry a digital wallet with them as their primary means of payment.
In addition, 1 in 4 does shopping through social media sporadically, an element that proves that Greeks are adopting the new trends, while they pay digitally mainly in supermarkets, shops, gas stations, telecommunications providers and restaurants.
In terms of card use, gender does not appear to be a significant differentiating factor – unlike age groups which show significant differences.
On the contrary, according to the research, Greek consumers tend to use less cash. Although they were the main payment method until before the pandemic, this has changed significantly. Specifically, 48% paid with cash “a lot” and “very much” before the pandemic, a percentage that now stands at 30%.
The low value of the transaction is the main reason for paying with cash for 4 out of 10. Participants who gave this answer said they are reluctant to pay small amounts by card as it makes them “feel uncomfortable”.
In relation to digital wallets 23% appear to use them “to some extent” when transacting, either in physical stores or online.
However, the extent of use of digital wallets varies by age group. Younger 18 – 34 year olds use digital wallets at 33%, with 35 – 54 following at 25% and 55+ using digital wallets at 13%.
Although a significant percentage of 29% stated that cash will always be the preferred payment method for Greeks, 47% are open to new solutions as long as they simplify the payment experience, while 37% argue that there is a need for further education in digital payments.
Almost 1 in 4 (24%) believe that Greeks have quickly and largely embraced digital payments, while it is of particular interest that 5% would like to know the impact of their purchases on the environment.
Concerning the online shopping, 43% shop online at least once a month. Among those in the 18-34 age group, 57% shop online at least once a month, followed by 35-53 with 51% and 55+ with 26% respectively.
Card payment is the preferred method in online transactions and accounts for 71% of all payments.
Specifically, 42% choose to pay by card at checkout and 21% choose to pay by card at delivery. Digital wallets and other payment methods reach 8%. Cash on delivery is chosen by 25%, while bank deposits represent a particularly low 3%. In addition, 3 out of 10 consumers store their card details online. 33% of 18-24 year olds tend to store their card details online, with this falling to 25% of 35-54 year olds.
In relation to purchases made through social media, 20% of people aged 18-34 they shop every month. Those in the 35-45 age group buy on a monthly basis from social media at a rate of 13%, while the same applies to only 5% of people over 55.
THE Nikos Petrakis, Visa Country Manager in Greece, said: “The payment landscape has changed radically in recent years. We are especially pleased that digital payments are synonymous with convenience and security for most consumers. It is equally encouraging to note that Greeks are open to adopting new payment trends, as long as they simplify and upgrade payment experiences.
Visa provides the most reliable payment solutions. We expect digital payments to grow further over the next year, but in the meantime we will continue to do everything we can with our partners, government and especially SMEs to ensure that everyone can make the most of the great benefits that digital payments bring to the economy and society”.
THE Valia Aranitou, professor of Economic Sociology of the Greek National University of Athens and Director of INEMY – ESEE said: “The research reveals that a significant transformation is taking place in the way of transactions today compared to the pre-pandemic period. Cards and digital wallets are now the dominant payment method for Greek consumers. However, this does not mean that cash has disappeared from Greek society.
There are three main determinants that have a catalytic effect on the use or not of plastic money: age, income and educational level. Younger people, those with a higher level of education and those in the higher income brackets are noticeably less likely to choose cash. Regarding gender, it seems that no significant differences are recorded. An exception is the digital wallet which seems to be used more by men than women.”
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