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14.04.2018

Cypriots and Greeks choose cash

The European Central Bank (ECB) released data on the methods of payment in the eurozone for 2016 year. It turned out that Cyprus and Greece - the leaders in paying cash, not bank cards. 88% of payments made in each of these two countries were made using the cache.

Researchers of the ECB noted the following pattern: residents of Northern and Western Europe prefer to use cashless settlement, and southerners usually pay in cash. In Holland, the cache figured in 27% of payments, in France - in 28%, in Belgium - in 32%. On the contrary, in Cyprus (88%), Greece (88%) in Malta (74%) prefer cash.

Most often, the tax is used to pay for products, goods and services for an amount less than 45 euros. If the transaction amount exceeds this threshold, then, as a rule, bank cards are in operation. Only in a third of the calculations for less than five euros were used cards and only in half - for less than 15 euro.

Sociologists failed to understand why they prefer to pay in cash in Cyprus. The question "Why is there no payment in Cyprus using mobile phones?" Remains unanswered. Among the possible answers are: 1) the Cypriots have not yet explained how profitable and convenient this type of payment is, 2) there are not enough payment terminals, 3) the payment system in Cyprus is inconvenient for users.

How much cash is in the wallet of the average resident of a member state of the euro area?

A source: EVROPAKIPR

Tags: Cyprus, Economy, Money, Greece, Statistics, Eurozone