Electronic payments in Greece have seen a surge in use following EU bailout regulations. This is according to a report from Timetric, which details that EU regulations stipoulated the Greek government put controls on the amount of money flowing out of the country and tax evasion.
One of those means was by implementing increased electronic payments usage at retail stores and with certain categories of professionals, including lawyers, electricians and plumbers. The Greek government has also promised the implementation of incentives for the promotion of electronic payments, like subsidising the cost of PoS terminals and extending tax benefits.
Banks in the country are now capitalising on this trend by offering customised cards for online payments, in particular Piraeus Bank and National Bank of Greece, which utilise MasterCard branded prepaid options. Digital currency exchange BTCGreece is planning to install 1,000 Bitcoin ATMs in Greece, after interest in the cryptocurrency grew during the country’s economic troubles. During Greece’s economic crisis, the value of bitcoin increased as cash-strapped citizens turned towards the cryptocurrency after being limited to withdrawing €60 per day via ATM machines.
