Cyprus Sidelined by Digital Euro Fears

The European Central Bank's (ECB) digital euro project has been met with skepticism by many in Cyprus, with only 1% of respondents considering themselves fully informed about the initiative. According to a survey conducted by the Central Bank of Cyprus (CBC), 61% of those polled had no knowledge of the digital euro.

The survey found that cash remains the island's most widely used payment method, but 63% of respondents use credit and debit cards in physical shops every week. The ECB's 2024 study on consumer payment attitudes revealed that cash still accounts for 52% of small payments in physical shops across the euro area.

The survey also highlighted a divide between those who rely on cash and those who have moved towards digital payments. Those preferring digital methods, including internet banking and mobile payments, were mainly women below 45 with tertiary education and middle to higher-income groups.