As mobile money replaces wallets, Greece comes of age digitally

The capital controls imposed in Greece in 2015 led to a take-off of mobile money.

Consumers now use smart phones and tablets for most of their bank transactions and daily payments.

According to VISA’s annual Digital Payments study, conducted in 22 countries, mobile money is now second nature for about 60 percent of Greek consumers, who say they feel more comfortable and secure with digital payments.

According to the data, Greeks conduct 78 percent of their exchanges with a smart phone or tablet. Mainly (60 percent), they check their bank balances online or through specialised banking applications.

Moreover, 48 percent of European consumers feel more comfortable using their smartphones than their PCs or laptops, compared to 64 percent of Greeks.

For sending or receiving money wires, 42 percent of Greeks use their smartphones or tablets.

A growing number of businesses in Greece, and Europe more generally, support payment with plastic money and mobile devices with the NFC (near field communication) app.

The biggest categories of enterprises that support the app are restaurants, supermarkets, means of transportation, delivery, and recreation.

The average value of transactions for which Europeans use portable devices is nine euros at shops on site, and 38 euros for online payments.

Europeans also feel quite comfortable using portable devices for transactions abroad, as evidenced by the fact that they have used them in 103 countries.

Kostas Delezos