Cyprus ranks lowest in the eurozone for cash acceptance by businesses

A new report from the European Central Bank (ECB) published on August 13, 2026, highlights that Cyprus has the lowest rate of cash acceptance among the 21 eurozone countries. While the average acceptance rate for businesses selling goods and services at physical locations across the eurozone is 92%, in Cyprus, this figure stands at only 76%. In contrast, countries like Greece and Italy report near-universal acceptance at 99%, while Belgium sits at 81%.

The decline in cash usage, which was prominent during and immediately after the COVID-19 pandemic, has largely stabilized across the eurozone, with the overall acceptance rate actually rising from 90% in 2024 to 92% in 2026. However, Cyprus shows a diverging trend. Notably, 51% of small and medium-sized enterprises in Cyprus have indicated that they may cease accepting cash in the future, contrasting sharply with the broader European trend where over 90% of businesses intend to keep cash as an option.

Simultaneously, the ECB report notes a rapid increase in mobile payments across Europe. The percentage of businesses accepting mobile payments has surged from 36% in 2024 to 68% in 2026, marking a significant shift in digital transaction habits even as physical cash remains prevalent for the majority of the market.