Making card payments a compulsory transaction option in Cyprus as of September has led to less cash making the rounds, according to latest data by JCC Payment Systems.
In particular, credit card payments rose by 12.7% between September and November this year compared to 2020. But compared with 2019, the increase is as high as 55.2%, Philenews also reported on Sunday.
As of September 20, more than 80 types of retail businesses, including doctors, lawyers and street food vendors have to also accept plastic money.
This in in line with a decree issued by the Finance Ministry in June in a wider effort to fight tax evasion.
Between 2019 and 2020, JCC recorded a bigger increase due to coronavirus pandemic concerns. A smaller but significant increase is recorded between 2020 and 2021, partly due to fear of the fine of €2,000 by violators of the law.