Market Size of Greece POS Terminals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.35 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Greece POS Terminal 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.
Greece POS Terminal Industry Segmentation
The Greece POS Terminals Market is Segmented By Mode of Payment Acceptance (Contact-based, Contactless), By Type (Fixed Point-of-sale Systems, Mobile/Portable Point-of-sale Systems), and By End-User Industry (Retail, Hospitality, Healthcare).
| By Type | |
| Fixed Point-of-sale Systems | |
| Mobile/Portable Point-of-sale Systems |
| By End-User Industry | |
| Retail | |
| Hospitality | |
| Healthcare | |
| Others |
Greece POS Terminals Market Size Summary
The Greece POS terminal market is experiencing significant growth, driven by the increasing adoption of digital payment solutions and the expansion of e-commerce. The pandemic has accelerated the shift towards contactless and electronic payment methods, as consumers seek convenience and safety in their transactions. This trend is supported by government initiatives aimed at promoting cashless transactions and reducing tax evasion. The retail sector, a major contributor to the POS terminal market, is witnessing a rise in transactions as more businesses adopt advanced payment solutions. The market is moderately consolidated, with key players engaging in strategic partnerships and acquisitions to enhance their offerings and expand their market presence.
Recent developments in the Greek POS terminal market include notable mergers and acquisitions, such as Euronet Worldwide's acquisition of Piraeus Bank Merchant Acquiring and Worldline's acquisition of Eurobank's merchant acquiring operations. These moves are expected to bolster the capabilities of payment solutions in Greece, offering improved cash-based and digital payment options. Additionally, partnerships like that between Nexi and Alpha Bank are set to transform merchant solutions, further driving the market's growth. The involvement of major financial institutions and technology providers underscores the dynamic nature of the market, as they strive to meet the evolving demands of consumers and businesses alike.
Greece POS Terminals Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness - Porter's Five Force Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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1.4 Assessment of COVID-19 Impact on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Fixed Point-of-sale Systems
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2.1.2 Mobile/Portable Point-of-sale Systems
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2.2 By End-User Industry
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2.2.1 Retail
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2.2.2 Hospitality
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2.2.3 Healthcare
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2.2.4 Others
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Greece POS Terminals Market Size FAQs
What is the current Greece POS Terminals Market size?
The Greece POS Terminals Market is projected to register a CAGR of 10.35% during the forecast period (2024-2029)
Who are the key players in Greece POS Terminals Market?
Cardlink, Nayax, Smart POS Software, QuadraPay and EDPS S.A. are the major companies operating in the Greece POS Terminals Market.
