Debit and credit card penetration among the general population is reaching record levels.
At the same time, an increasing number of merchants use payment cards on a daily basis, even for small value purchases.
20.7 million active payment cards
According to data from the Bank of Greece, published in the recent Financial Stability report, active payment cards in circulation amounted to 20.7 million on June 30, 2024. The share of debit and credit cards in the total number of payment cards remained stable to 85% and 15%, respectively.
1.185 billion payment card transactions in the first half of 2024
The total number and total value of transactions made with payment cards in the first half of 2024 moved to high levels. Specifically, the number of card transactions reached 1.185 billion, showing an increase of 2%, while the corresponding value was 53 billion euros.
The average number of transactions per card increased to 57, from 56 in the second half of 2023. Debit cards, which are the main substitute for cash, continue to be widely used for small value transactions. The average number of transactions per debit card was 62 transactions, up from 61 in the second half of 2023. The average number of transactions per credit card was unchanged at 29 transactions.
The average value of transactions per card amounted to 2,542 euros, showing a decrease of 2.5% compared to the second half of 2023. This decrease is mainly due to the corresponding reduction of the average value of transactions per debit card by 2.5% to 2,760 euros, from 2,831 euros in the second half of 2023.
The average transaction value per credit card decreased marginally by 0.3% to 1,313 euros, from 1,318 euros in the second half of 2023.
The average value per transaction for all cards fell by 4.5% to 44 euros, from 46 euros in the second half of 2023. The downward trend in the average value per transaction of debit and credit cards highlights the increasing use of payment cards for small value purchases.
