Greece POS Terminals Market Size

Greece POS Terminals Market Analysis

The Greece POS Terminal Market is expected to register a CAGR of 10.35 % during the forecast period (2022-2027). The pandemic has led to an increase in the adoption of digital payments, which is creating opportunities for contactless terminals in the region.

• The International Monetary Fund (IMF) stated that Greece's GDP expanded by 3.8% in 2021 and will grow 5% in 2022 after contracting by 8.2% in 2020. A 1.3% less inflation was seen in 2020, while 0.2% more in 2021 and 0.8% more is anticipated in 2022.
• Greeks are known for being particularly cost-conscious, so online shopping provides them the ideal method to make price comparisons at their own pace while still enjoying the convenience of having their purchases delivered to their homes.
• Greeks are reevaluating their lives in the same way that other nations have done as a result of the epidemic, and it is apparent in the things they buy and the way they pay for them. Greek consumers are more inclined to choose products that promote the local economy or the environment.
• Moreover, the government has implemented a number of steps, including the requirement for basic bank accounts and the electronic payment of wages, to increase electronic payments throughout the nation. Debit cards should keep dominating the payment card industry in terms of both transaction volume and value.
• An additional element that creates new opportunities for the POS terminals market is the expansion of e-commerce in Greece. According to PPRO estimates, B2C e-commerce growth between 2020 and 2021 was 19.2%. Forecasts for the size of the e-commerce market are estimated at USD 14.2 billion in 2022 and USD 17 billion in 2023.
• The coronavirus pandemic has affected Greek payment industry growth in in short term due to a decline in consumer spending. Amid the Covid-19 pandemic, the Greek ecommerce market registered strong growth. Covid-19 has caused a shift in consumer buying behaviour, pushing individuals towards online channels for their purchases, a trend that is likely to continue even beyond the pandemic. Growth over the review period was also driven by the rising number of online retailers as well as improved online and mobile penetration.
• Payment solutions such as Apple Pay, PayPal, and Google Pay are expected to benefit from this trend. Also, with the country easing lockdown measures and the vaccination program gathering pace, the cards and payments industry will gradually recover to pre-COVID-19 levels.