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

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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 review-
period 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
7.1.1 Analysis by number of cards in circulation
7.1.2 Analysis by transaction value

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7.1.3 Analysis by transaction volume
7.2 Transaction Share Analysis by Channel
7.2.1 Analysis by transaction value
7.2.2 Analysis by transaction volume
7.3 Personal Credit Cards Segment Size and Forecast
7.3.1 Analysis by number of cards in circulation
7.3.2 Analysis by transaction value
7.3.3 Analysis by transaction volume
7.4 Commercial Credit Cards Segment Size and Forecast
7.4.1 Analysis by number of cards in circulation
7.4.2 Analysis by transaction value
7.4.3 Analysis by transaction volume
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
8.1 Overall Category Size and Forecast
8.1.1 Analysis by number of cards in circulation
8.1.2 Analysis by transaction value
8.1.3 Analysis by transaction volume

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8.2 Transaction Share Analysis by Channel
8.2.1 Analysis by transaction value
8.2.2 Analysis by transaction volume
8.3 Competitive Landscape
8.3.1 Scheme share analysis
8.3.2 Issuer share analysis
9 Analysis of Charge Card Payments and Growth Prospects
9.1 Overall Category Size and Forecast
9.1.1 Analysis by number of cards in circulation
9.1.2 Analysis by transaction value
9.1.3 Analysis by transaction volume
9.2 Transaction Share Analysis by Channel
9.2.1 Analysis by transaction value
9.2.2 Analysis by transaction volume
9.3 Personal Charge Cards Category Size and Forecast
9.3.1 Analysis by number of cards in circulation
9.3.2 Analysis by transaction value
9.3.3 Analysis by transaction volume
9.4 Commercial Charge Cards Segment Size and Forecast
9.4.1 Analysis by number of cards in circulation

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9.4.2 Analysis by transaction value
9.4.3 Analysis by transaction volume
9.5 Competitive Landscape
9.5.1 Scheme share analysis
9.5.2 Issuer share analysis
10 Analysis of Prepaid Card Payments and Growth Prospects
10.1 Overall Category Size and Forecast
10.1.1 Analysis by number of cards in circulation
10.1.2 Analysis by transaction value
10.2 Open-Loop Prepaid Cards Segment Size and Forecast
10.2.1 Analysis by number of cards in circulation
10.2.2 Analysis by transaction value
10.3 Closed-Loop Prepaid Cards Segment Size and Forecast
10.3.1 Analysis by number of cards in circulation
10.3.2 Analysis by transaction value
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
12.2.1 Key financials
12.2.2 Card portfolio
12.2.3 Strategies
12.3 Alpha Bank
12.3.1 Key financials
12.3.2 Card portfolio
12.3.3 Strategies
12.4 Piraeus Bank
12.4.1 Key financials
12.4.2 Card portfolio
12.4.3 Strategies
12.5 HSBC
12.5.1 Card portfolio
12.5.2 Strategies
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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