Digital wallets, or e-wallets, have been around for a while. Google was the first major company to launch a digital payment service in 2011. Although it served only Citibank clients with Mastercard cards then, the service didn’t take long to evolve into what we have today.
E-wallets have reached the market as a hassle-free option for bank accounts since they can store money and make and receive payments without so much bureaucracy. How is this service going on in Greece?
Greeks still prefer to make their transactions in cash: according to data from 2021, 54% of payments were in cash. Far behind come the e-wallets, with 26%; 13% above card payments. So, although cash is still the most preferred payment method, e-wallets are clearly more popular regarding online transactions.
There’s a strong reason behind such popularity. Due to the financial crisis in the country, the government began to seize funds from ordinary citizens’ accounts. It happened with account holders of all ages, including pensioners. So, it became “dangerous” to leave money in the bank.
The government doesn’t have much control over digital wallets; most of them are based outside the country. So, these wallets became a safer and simpler way to carry digital transactions. Many Greeks use it daily for grocery shopping, travel and entertainment, like gambling on online casinos such as casino.netbet.gr.