Making card funds a obligatory transaction possibility in Cyprus as of September has led to much less money making the rounds, in accordance with newest knowledge by JCC Fee Programs.
Specifically, bank card funds rose by 12.7% between September and November this yr in comparison with 2020. However in contrast with 2019, the rise is as excessive as 55.2%, Philenews additionally reported on Sunday.
As of September 20, greater than 80 varieties of retail companies, together with medical doctors, attorneys and road meals distributors need to additionally settle for plastic cash.
This in in keeping with a decree issued by the Finance Ministry in June in a wider effort to combat tax evasion.
Between 2019 and 2020, JCC recorded a much bigger enhance as a result of coronavirus pandemic issues. A smaller however vital enhance is recorded between 2020 and 2021, partly as a result of worry of the high-quality of €2,000 by violators of the regulation.