Cyprus Leads Eurozone in Cash-Free Business Transactions

Cash acceptance by businesses in Cyprus has dropped to its lowest rate in the eurozone, according to new data from the European Central Bank.

The bank's report on cash use by companies across the currency union found that just 76% of businesses in Cyprus accept cash, which is well below the European average.

In contrast, Greece and Italy have a much higher rate of cash acceptance, with 99% of businesses in both countries taking cash. Belgium also has a high rate at 81%.

The report suggests that the shift towards electronic payments has gone further in Cyprus than in other eurozone countries, indicating a significant change in consumer behavior and the way everyday transactions are carried out.