Clear incentives for greater card use

Since last week, tens of thousands of extra businesses in Greece have joined the ranks of those which are obliged by law to be able accept payments by debit or credit card. The deadline for them to install card machines passed on July 28 and any which are not able to accept electronic payment from customers face fines of up to 1,500 euros.

The ministerial decision introducing this measure applies to around 400,000 firms or individuals in 85 professions and represents another important step in broadening the use of e-payments and, consequently, reducing the level of undeclared income and increasing state revenues.

Greece recently marked two years since the imposition of capital controls, which dealt a painful blow to the weak local economy. However, it also triggered a marked increase in the use of bank cards by Greeks, who had previously preferred to deal almost...

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