North plans to create own credit card system
Turkish Cypriot ‘prime minister’ Unal Ustel on Friday announced plans for the north to create its own credit card system.
Speaking at a joint press conference with Turkish Vice President ...
Card payments rise in Cyprus
Cypriots are using their cards more than ever, new data from the European central bank reveals. In the first half of 2024, card payments made up 73 per cent of all cashless ...
New Turkish credit card regulations ‘blow to north’s tourism’
Turkish Cypriot economists fear a “blow” to the north’s tourism industry after Turkey introduced new regulations on overseas credit card spending for its citizens.
On Monday night, Turkey’s ...
Businesses not accepting plastic money faced with €4,000 fine
Businesses that refuse to accept card payments can be fined up to €4,000, the tax department said on Wednesday.
In its statement, the department refers to the relevant article of the ...
End of legal loophole that lets retailers charge more for card use
The commerce ministry is to draw up legislation to close a loophole in the law that allows vendors to charge extra to consumers using credit cards.
The legislation will allow ...
Businesses must allow card payments or face fines, inland revenue says
The island’s inland revenue service on Friday warned businesses that they must adopt the use of card payment machines or risk hefty fines.
In a statement, it warned that ...
Number of POS terminals up 15 per cent as cashless transactions rise
Point of sales (POS) terminals have seen a 15 per cent rise in Cyprus between 2018 and 2020, according to a survey of 14 countries in central and eastern Europe conducted by technology company ...
Fintech and the payment ecosystem: Cyprus and the world
Xenia Kalogirou and Ioannis Sidiropoulos consider how Cyprus is faring amid the accelerated pace of e-commerce development across the globe
Fintech is not just a term referring to revolutionary but ...
Fines from October 18 if businesses reject card payments
The Employers and Industrialists Federation (OEV) on Monday alerted its members that starting next month the tax department will start checking if businesses have made available to customers the option ...
Compulsory card payment change worries small businesses
Although a positive move, making card payments a compulsory transaction option might create a number of issues for smaller shop owners, their union Povek said on Monday.
As of Sunday, ...
Laws need updating to support move to allow card payment for all transactions
The House commerce committee on Tuesday discussed credit card charges ahead of a new decree mandating all businesses accept card payments, which is due to come into effect this coming ...
All state health centres will soon accept credit card payments
Payments with credit cards will soon be accepted at the 38 health centres under the state health services organisation (Okypy), it was announced on Monday.
It is part of the long-term ...
Police investigating theft of €15,000 from credit card after phone scam
Limassol police are investigating the theft of €15,000 from a woman’s bank account through an online scam.
Police said the complainant told them that a woman speaking English called the ...
Businesses, doctors obliged by law to accept card payments (Updated)
The cabinet on Wednesday approved a finance ministry decree obliging doctors, lawyers and retail businesses among others to accept plastic money in a bid to fight tax evasion.
It is ...