Decree issued obliges companies to accept payments via cards in Cyprus

Wednesday 25 August 2021 14:31 CET | News

The Finance Ministry of Cyprus has issued a decree obliging companies in Cyprus operating in the service sector and retail trade to accept payments via cards as from 20 September 2021.

The decree also obliges them to inform consumers in a transparent, straightforward, and precise manner, Philenews reports. In particular, companies will need to install wireless and wired POS, mobile POS and virtual POS terminals. And they should accept card payments issued by a four-way payment system such as VISA, MASTER CARD, MAESTRO and UNION PAY.

Insider told Philenews that, come October 2021, Tax Department officers will begin audits at companies to determine whether they accept credit cards as a means of payment. And that the law stipulates that those companies refusing to accept credit cards will be subject to a fine of up to EUR 2,000.

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Keywords: regulation, credit card, ecommerce, POS, mPOS
Categories: Payments & Commerce
Countries: Cyprus
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