In particular, 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 did not changed from 31 December 2023 to 85% and 15%, respectively.
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 amounted to €1.185 billion, showing an increase of 2%, while the corresponding value was €53 billion.
The average number of transactions per card appeared 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, showing a decrease of 2.5% compared to the second half of 2023. This decrease is mainly due to the corresponding decrease of the average value of transactions per debit card by 2.5%, which was formed in €2,760, up from €2,831 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 decreased by 4.5% to €44, from €46 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.
Incidents of fraud
Along with the increase in the use of payment cards, with the information campaigns of the last years fraud incidents have also decreased, but this does not mean that merchants should be complacent.
In particular, according to the data of the Bank of Greece, in the incidents of fraud in transactions with payment cards in the first half of 2024, a decrease in the absolute number of fraudulent transactions was recorded by 6% compared to the second half of 2023.
Accordingly, the index of the ratio of the number of fraud incidents to the number of transactions decreased compared to the previous half-year by 7%, and corresponds to 1 fraudulent transaction per 6,000 transactions or 0.017%.
As far as the value of fraud transactions is concerned, there is an absolute decrease of 3% compared to the second half of 2023. At the same time, the ratio of the value of fraud incidents to the value of transactions appears almost unchanged compared to the second half of 2023 and is still maintained at the low level of 0.02% and corresponds to 1 euro of fraud value per 4,800 euro of transaction value.
Analyzing the fraud incidents by payment card transaction channel, i.e. (a) transactions at ATM terminals, (b) payments at POS terminals and (c) remote transactions without the physical presence of the card (card not present - CNP), it emerges that the highest rate of fraud is still related to remote transactions.
According to data from the European Central Bank, in the first half of 2023 the ratio of the number and value of fraud incidents to the number and value of transactions in the Member States of the Single Economic Area was 0.015% and 0.031% respectively.
