Cypriot businesses accept cash least in the eurozone

Economy cyprusECBstatisticsTop News Cypriot businesses accept cash least in the eurozone Kartes 1536x864 Relevant News Cypriot businesses accept cash least in the eurozone 17 August 2026 Labour Minister set to unveil pension reform bill 17 August 2026 Paphos bodies plan revival of the city’s old stadium 17 August 2026 Theano Thiopoulou 17 August 2026 FacebookXWhatsAppEmailPrintViber Cypriot businesses accept cash at the lowest rate in the eurozone, according to new European Central Bank figures on cash use by companies across the currency union. Just 76 per cent of businesses in Cyprus that sell goods and services at physical locations say they take cash, well below the European average. The ECB published the figures in its report on cash use by companies in the euro area in 2026. The picture is entirely different in Greece and Italy, where 99 per cent of businesses accept cash. In Belgium the figure is 81 per cent, and Cyprus sits lower still at 76 per cent. Cash retains a strong presence in the European market despite the rapid spread of electronic payments. Across the eurozone, 92 per cent of businesses selling at physical locations said in 2026 that they accept cash, up from 90 per cent in 2024. The shift is considered significant, since it suggests the decline in cash acceptance recorded during the pandemic and the years that followed has stopped. Eurozone businesses are not abandoning cash en masse, despite the growth of cards and digital transactions. Cyprus is moving differently Cyprus sits well away from the eurozone average. The figure indicates that the shift by businesses towards electronic payments has gone further in Cyprus than in other countries of the monetary union, and that consumer behaviour and the way everyday transactions are carried out have changed significantly. It does not mean cash has stopped being used in Cyprus. It does mean a larger share of businesses has chosen to operate with limited acceptance of physical money, or none at all. The big change in the payments market is the rapid penetration of digital methods. Across the eurozone, the share of businesses accepting mobile payments rose from 36 per cent in 2024 to 68 per cent in 2026, a jump of 32 percentage points in two years, which captures how quickly businesses are adapting to new consumer habits. Physical card payments are accepted by 88 per cent of businesses, against 87 per cent in 2024. The market is therefore not moving from one exclusive payment method to another. The range of available options is widening instead, with cards, mobiles and cash existing side by side. Businesses that still take cash do not appear ready to drop it, despite the substantial digitisation of payments. According to the survey, 92 per cent of those accepting cash plan to carry on doing so for the next five years. The figure matters, because it shows the digital transition does not necessarily mean cash will disappear. For a significant part of the market, cash is still considered useful, reliable and practical. Subscribe to our Newsletter Latest News Labour Minister set to unveil pension reform bill Paphos bodies plan revival of the city’s old stadium Swimmer in panic grabs wife, both saved off Limassol EDEK, DIPA and Ecologists face life outside parliament 34 degree peak and isolated showers Inside SignalGeneriX: where Cyprus designs, produces and exports its own defence tech Iran parliament approves bill restricting interviews with US and Israeli media Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.