Cyprus ranks lowest in euro area for cash acceptance by businesses

A report published by the European Central Bank on August 13, 2026, reveals that Cyprus has the lowest rate of cash acceptance among the 21 countries in the euro area. While the average acceptance rate for companies operating at physical locations across the euro area stands at 92%, Cyprus records a significantly lower figure of 76%. In contrast, Greece and Italy lead the region with a 99% acceptance rate.

Beyond current statistics, the study highlights a shifting landscape for local businesses. Approximately 51% of small and medium-sized enterprises in Cyprus expressed that they may stop accepting cash in the future, marking a stark contrast to the broader European trend where over nine out of ten companies intend to continue cash transactions. The report also documents a rapid surge in mobile payments across Europe, with adoption jumping from 36% in 2024 to 68% in 2026, indicating a broader decline in traditional cash dependency.