Greece – All Transactions Electronic In “Medium Term” – Alekos Lidorikis, Kathimerini

We have been documenting the march towards a cashless society in Greece, here, here and here

And today we see another example of this push in one of Greece’s leading newspapers.cashless

As I have explained before, Greeks should be very worried about this trend for a number of reasons.

The biggest one being that banks would have total control over the freedom of the people if all transactions were electronic.

We have already seen how the banks have blackmailed government into giving them billions of Euros of taxpayer money.

And we have seen the Greek banking sector contract from twelve major players into just four.

In a country were all transactions are electronic these four banks would have the power to simply delete a person from society. In an all electronic economy people will need to be approved by the banks or the government to be able to work and people can have their ability to buy even their most basic needs taken away with the strike of a keyboard.

You may think it is a reach to imagine this happening but we are already seeing the government taking extra judicial action to strip the assets of citizens, is it really a reach to imagine the government using the fully electronic economic system to do the same thing?

Full article

Conquer and Greek market contactless payment cards
Already available in more than 50 countries worldwide and more than 25 in Europe. For amounts to 25 euros not even require the use of a PIN or signature.
Alekos Lidorikis

I’m late, but are now in Greek market and contactless payment cards are expected to see strong growth forming the intermediate stage before lead in the medium term in the electronic wallet, through which we conduct all of our markets, but now we only or little cash in our pockets. Already available in more than 50 countries worldwide and more than 25 in Europe.
With contactless payments, that the cards do not need to introduce into our familiar terminals found in sections transactions will simply pass from a short distance from them and the transaction will be completed in only a few seconds. In fact in less than 5 seconds when conventional credit or debit cards require today about 30 seconds on average.

Today, in our country move about 45,000 contactless payment cards that are accepted by some 1,000 terminals located to businesses, shopping centers, while according to consensus estimates, will exceed 80,000 by the end of 2013 and will be accepted at over 3,000 points. Note that for payments to 25 euros not even require the use of a PIN or signature.

As pointed out by a competent bankers, comparative advantage of contactless cardholders is security, and transaction speed, but for companies that support this technology, studies have shown that succeed in increasing their turnover, as the time required for each transaction minimized. Also important for marketers is the fact that it reduces the cost of managing cash, equal to 2.5% of their total turnover.

The big push for the crucial development of contactless payments and our country as an alternative mode of payment will be the ability to use public transportation, such as subway, on buses and in taxis. In this context, organizations issuing cards is in communication with the relevant stakeholders in order to examine the possibilities for implementing the relevant modes of payment. As a typical example of the rapid development of contactless payments in transport in Europe, the case of traditional London bus, where already 20% of total transactions to them about the technology of contactless payments, just a few months after the adoption of this technology to 8,500 buses.

After contactless payments via plastic money will follow in our country, according to consensus estimates from 2014 and e-wallet. In simple words, all payment instruments that have a trader, credit, debit cards, deposit accounts, etc., will be embedded with a special software application on our mobile phone. For any payment we want to realize from buying a bus ticket to buying a car, you just come closer to our mobile terminal to the stand, means of transport, business and all our dilemma is, which of the means of payment the screen will do click in order to complete our market.

Furthermore, the increased use of electronic transactions and transactions through plastic money will lead to blow against tax evasion, which is central to the economic team. Research on the use of plastic money in Greece, on behalf of Visa, indicate that an increase in electronic payments in our country by 5%, 10% and 15% would reduce the shadow economy by 2%, 3% and 5% respectively, ie from 1 to 2.5 billion. The additional state revenues that would result from the performance of the VAT would amount to about 230 to 575 million.


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