Cyprus records lowest cash acceptance rate among eurozone businesses

A report published by the European Central Bank on August 13, 2026, reveals that Cyprus has the lowest rate of cash acceptance among all 21 eurozone countries. While the average acceptance rate for businesses selling goods and services at physical locations across the eurozone is 92%, only 76% of Cypriot businesses accept cash. In comparison, countries like Greece and Italy report near-universal acceptance at 99%, while Belgium stands at 81%.

The data indicates a significant shift in payment culture within Cyprus. While 92% of eurozone businesses intend to continue accepting cash, 51% of small and medium-sized enterprises in Cyprus state they may cease accepting cash in the future. Experts, including Philokypros Roussounides of the Cyprus Chamber of Commerce and Industry, attribute this trend to the proliferation of Electronic Money Institutions and a general digital transformation of the market. Furthermore, a separate survey by the Central Bank of Cyprus suggests that although cash remains a primary payment method for citizens, there is a growing, albeit hesitant, adoption of digital payment solutions, with only 35% of citizens expressing willingness to adopt the upcoming digital euro.