POS everywhere in Greece from January: The list of professionals who will accept card payments is ready

The list of new professional branches that will be obliged to accept card payments via POS was “locked” by the Ministry of National Economy and Finance and AADE.

The decision to expand POS to almost the entire retail market is expected to be issued by the end of the month and from the beginning of the new year thousands of professionals and businesses such as taxis, cinemas, street markets, kiosks, grocery stores, insurance companies, brokerage firms, gyms, parking lots should have POS.

Tax evasion in Greece: Prohibition of cash payments over 500 euros

Electronic transactions, as the data show, have led to an increase in VAT revenues and to the limitation of the circulation of “black” money, while their expansion is estimated to broaden the tax base, facilitate the work of control mechanisms and limit opportunities for tax evasion.

With the expansion of POS, the number of card transactions is expected to increase, which according to the data of the Bank of Greece reached 49 billion. euros in the first half of 2023.

According to the Financial Stability Report of the Bank of Greece in the first half of the year:

• The volume of card transactions reached 1.048 billion, showing an increase of 2%, while the corresponding value was 49 billion euros, registering a decrease of 3%.
• The average number of transactions per card appeared increased to 52, from 50 in the previous half.
• Debit cards continue to be the primary substitute for cash and continue to be widely used for small value transactions. The average number of transactions per debit card was 56 transactions, up from 53 in the previous half, while the average number of transactions per credit card was unchanged at 27 transactions.
• The average value of transactions per card amounted to 2,414 euros, marking a marginal decrease of 0.48% compared to the previous six months. This decrease is mainly due to the almost zero change in the average value of transactions per debit card by 0.05%, which was 2,611 euros, from 2,610 euros in the previous half-year. The average transaction value per credit card decreased by 3.5% and amounted to 1,273 euros, from 1,320 euros in the previous half.
• The average value per transaction for all cards decreased by 5% to 46 euros, from 48 euros in the second half of 2022.