Cyprus ranks last among the 21 eurozone countries in terms of cash acceptance by small and medium-sized enterprises.

While the average rate of cash acceptance by companies that sell their products and services in physical stores stands at 92%, in Greece it stands at just 76%, as shown in a report by the European Central Bank. In contrast, Greece and Italy have the highest rates, reaching 99%.

CASH ACCEPTANCE BY BUSINESSES
Eurozone: 92%
Cyprus: 76%
Greece and Italy: 99%

More than 9 out of 10 companies that accept cash in the Eurozone intend to continue doing so in the future. In contrast, 51% of small and medium-sized enterprises in Cyprus say they may not do so. 

At the pan-European level, the report notes, on the one hand, a halt to the downward trend in cash usage observed during and immediately after the pandemic, and, on the other hand, the rapid growth in mobile payments.

While in 2024, only 36% of businesses reported accepting such payments, within two years that percentage skyrocketed to 68%. 

MOBILE
PAYMENTS 2024: 36%
2026: 68%

Businesses recognize the privacy and reliability offered by cash as significant advantages, while the concerns cited regarding its use relate to the risk of errors and security issues, such as theft.

The survey covers businesses in the retail, food service, hospitality, arts, entertainment, and leisure sectors.

Read the report by Rafaella Stavrinou:

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