BUSINESS

Greeks expanding use of credit cards

Use of credit and debit cards in Greece expanded 12.8 percent in the second quarter of 2019, but the average value of each transaction declined, according to data published on Tuesday by the Hellenic Bank Association.

The upward trend in the use of credit and debit cards continued, and the drop in the average transaction value is an indicator that Greeks now use credit cards to pay even small bills, which in the past they would have settled with cash.

Efforts by tax authorities to catch tax-evading businesses by providing tax breaks for submitted credit and debit card receipts are behind this change in paying habits, bankers believe.

The data do not include Greeks’ purchases abroad or tourists’ purchases in Greece.

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