How Greek consumers pay online
Understanding Greek payment preferences is critical for maximizing conversion rates in the Greek e-commerce market. Greece has experienced a dramatic payment transformation since the capital controls imposed in 2015, which inadvertently accelerated the shift from cash to digital payments. Despite this transformation, cash on delivery remains a culturally significant payment method that sellers cannot afford to ignore.
Payment method breakdown
- Credit/debit cards (48%): Visa and Mastercard are dominant. Greek banks issue predominantly debit cards, and contactless payments have become ubiquitous since the pandemic. Most importantly, installment payments (doseis / δόσεις) via credit cards are extremely popular in Greece – consumers routinely expect the option to pay in 2, 3, 6 or even 12 interest-free installments for purchases above a certain amount, typically €50
- Cash on delivery (25%): Despite the digital shift, cash on delivery (antikatavolí / αντικαταβολή) remains significant in Greece, particularly outside Athens and Thessaloniki and among older demographics. Offering COD can increase conversion rates by 15-20%, though it comes with higher return rates and collection costs. Many Greek consumers still prefer to pay upon receipt as a trust mechanism
- PayPal (12%): Widely used for international purchases and by younger, tech-savvy consumers. PayPal offers buyer protection that builds trust, especially for first-time purchases from unfamiliar merchants
- Bank transfer (8%): Used primarily for high-value B2B transactions and some larger B2C purchases. IRIS, the Greek instant payment system, has been gaining adoption for real-time bank transfers
- Viva Wallet and other digital wallets (7%): Viva Wallet, Greece's homegrown fintech success, has gained significant market share. It offers merchant payment processing, POS solutions and online checkout integration with competitive fees typically ranging from 1.5% to 2.5%
Installment payments (Doseis)
Installment payments are a distinctly important feature of Greek e-commerce that foreign sellers must understand. Greek banks allow merchants to offer interest-free installments directly through credit card transactions. This is not a separate Buy Now Pay Later product – it is built into the existing Greek credit card infrastructure. The cost of installments is absorbed by the merchant through slightly higher processing fees. Merchants typically offer 2-6 installments for purchases over €50 and up to 12 installments for higher-value items like electronics and furniture. Not offering installments can significantly reduce conversion rates in Greece, as consumers actively seek out shops that provide this option.
Viva Wallet
Viva Wallet is a Greek fintech success story, now operating across 23 European countries and acquired by JP Morgan. For merchants in Greece, Viva Wallet offers competitive payment processing fees, smart checkout pages, and seamless integration with all major Greek e-commerce platforms including WooCommerce, Shopify, Magento and custom solutions. Their POS terminals are widely used in physical retail as well, making them a natural choice for omnichannel businesses.
Mandatory POS regulations
Greek law requires all businesses to accept card payments and maintain certified POS (Point of Sale) devices. Failure to provide POS payment options can result in fines of €1,500. This regulation, combined with post-2015 capital controls awareness, has dramatically accelerated digital payment adoption across the Greek economy, creating a market where even small merchants are card-payment ready.
Zunapro integrates all major payment gateways for the Greek market, including installment support and COD management, ensuring a checkout experience that matches Greek consumer expectations and maximizes conversion rates.
