Evolution of payment methods in Greece – Determinants of their use

Abstract

From society’s point of view and the exchange of products, metal and gold, till the digital era of cryptocurrencies mediated a lot of phases in payment methods that Greeks used. In this assignment, means of payment are presented and analyzed through the years, differentiations and trends are examined as well as Greek citizens’, and not only, choices are commented according to the means of payment they use via statistical reports conducted by related entities. The aim of this primary research that has been developed in Delta Municipality is the specifying of factors which have an impact on users’ payment choices and also the discovery of a relation probably between those choices and those of sex, age, level of income or level of education. Findings show the general dominations of debit cards in all ages and level of income, for each kind of transaction (natural or digital), confirming the raise of plastic money in Greece after capital controls’ arrival. Speed, directness and convenience are the characteristics which are necessary to be fulfilled by a means of payment, but also another modern reason and necessity of plastic money is the new tax-free builder regime. Furthermore, loyalty programs that cards provide most of the time are really tempting. There is no familiarization neither with cryptocurrencies nor the new contactless media, but only for the concept, independently of age. Finally, grey payments are still a concerning issue, which are preferred by everyone verifying the Greek reality.