Following June 2015’s imposition of capital controls in Greece, the country has seen a marked increase in electronic transactions, particularly in contactless payments.
Last year, a controversial referendum on creditors’ terms required voters to answer yes or no on a convoluted question. The capital
controls imposed due to that referendum appear to have boosted the popularity
of electronic transactions, which have grown significantly. From 2014 to 2016,
POS terminal transactions increased by 136 percent.
Debit cards in particular have received a boost, likely due
to the capital controls and growing consumer trust. Between 2014 and 2016,
debit card use increased by 391 percent, and a study from Focus Bari and
Mastercard shows that debit cards account for 81 percent of all bank cards
issued in the country, a figure that amounts to 14.6 million cards.
Electronic transactions grow in Greece following capital controls
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