Card payments boost budget revenues

The value of transactions with plastic money reached 62 billion euros in 2023, recording an increase of 15% compared to 2022, a rate that is expected to be maintained this year with a marginal slowdown, according to estimates by Mastercard, assessing the positive macroeconomic environment and, in particular, the universal mandatory introduction of point of sale devices (POS) in 35 new professional sectors imposed by the government, which will contribute to the 14% growth of the card market in 2024.

Data from the Foundation for Economic & Industrial Research (IOBE) show that plastic money accounts for 40% of consumer spending, reducing tax avoidance and increasing VAT receipts. 

Panagiotis Polydoros, Mastercard's country manager for Greece, Cyprus and Malta, stated that "card penetration is synonymous with reducing tax evasion, and additional card payments have...