kathimerini.gr
Greece's Rapid Shift to Cashless Transactions
The rise of mobile and internet banking in Greece has dramatically reduced cash transactions; in Q1 2025, over 76 million mobile banking transactions totaling €18 billion occurred, exceeding internet banking transactions by volume.
- How has the rise of digital payments impacted small businesses and tourism in a specific location like Santorini?
- This shift reflects a global trend; worldwide mobile payment transactions surpassed $7.3 trillion in 2023. The convenience and speed of digital transactions—enabled by mobile banking, digital wallets, and instant transfers—are driving this transformation across various sectors, from hospitality to fuel sales.
- What is the extent of the shift from cash to digital payments in Greece, and what are the immediate economic implications?
- In Greece, cash transactions are rapidly declining, replaced by digital payments via mobile and internet banking. In the first quarter of 2025 alone, over 76 million mobile banking transactions, totaling €18 billion, were recorded, exceeding 55 million internet banking transactions worth over €145 billion.
- What are the longer-term societal implications of this transition to a predominantly cashless society, and what challenges might it pose?
- This digitalization of payments impacts not only financial systems but also social interactions and trust dynamics. The personal, often informal, nature of cash transactions is lost in the digital realm; transactions are now mediated by technology, creating new forms of reliance and security concerns. This shift alters how businesses operate and manage finances.
Cognitive Concepts
Framing Bias
The article's framing is largely nostalgic, focusing on the perceived simplicity and human connection of past cash transactions. This creates a positive bias towards the past and implicitly positions the digital present as a departure from something inherently more valuable. The use of anecdotes about a simpler time in Santorini sets a sentimental tone which may unduly influence the reader's perception of the shift to digital payments.
Language Bias
The language used is generally neutral, although the nostalgic tone itself could be considered subtly biased. The descriptions of past transactions employ positive and warm language ("human, impromptu, full of stories"), contrasting implicitly with the more functional descriptions of digital payments. While not overtly biased, the word choices subtly shape the reader's emotional response.
Bias by Omission
The article focuses heavily on the shift from cash to digital payments, offering a nostalgic view of the past. While it mentions the convenience and security of digital transactions, it omits potential downsides such as digital security risks, the exclusion of the unbanked, and the environmental impact of digital infrastructure. The lack of discussion on these counterpoints presents an incomplete picture.
False Dichotomy
The article presents a somewhat simplistic dichotomy between the past (cash transactions) and the present (digital transactions), neglecting the nuances of a transitional period where both methods coexist and the ongoing debates around the best practices and societal implications of this shift. The narrative doesn't fully explore alternative approaches or models that might balance the benefits of digital technology with some of the positive aspects of traditional cash systems.
Sustainable Development Goals
The shift from cash transactions to digital payments can potentially reduce inequalities by increasing financial inclusion. Digital systems can make transactions easier for people who previously lacked access to banks or formal financial services. The example of Santorini illustrates how even in remote areas, digital payment systems are improving access to financial services. While the text doesn't explicitly discuss inequality, the implication is that the transition to digital transactions could lead to greater financial inclusion and equality of access to financial services.