In what is being considered an eye-opening news for institutions and the common public alike, a study has found out that e-payment is yet to catch on in Cyprus as people prefer to make their transactions in cash.
According to a study conducted by the European Central Bank (ECB), Cypriots are likely to pay for their services or goods in cash as compared to their counterparts in other countries in the Eurozone. In fact, the island country ranks just below Malta, whose citizens have been identified as most likely to make their transactions in cash.
The study, which was conducted throughout the first half of 2016 among more than 65,000 people found that bloc itself more prone to using cash to pay bills, though the extent of this varies greatly across the states. Malta ranks first in this regard, with over 92% of transactions being made in coins or notes. Close behind are Greece and Cyprus at 88 percent. The lowest rate of cash transactions was found to be done in the Netherlands at only 45%.
The study revealed that the Maltese made an average of 1.6 cash transactions during the survey period, as opposed to 0.1 per day cashless and traceable transaction. It was also found that while 15% used cash to pay their rent, more than 60% used it to pay their medical bills, and just above 20% percent said used cash to pay for their electricity and water bills.
The tendency to use cash (or not) also varied significantly by gender and age. While men were found to carry an average of 12 euros (i.e. 14.27 USD) more than women, older people had an average of 43 euros more cash than their younger counterparts.
