At the start of 2018, the Bank of Cyprus announced it would start issuing the first biometric cards where a customer’s fingerprint is scanned. Yet, just 12 months earlier a survey found that the share of cash-only payments in Cyprus, Greece and Malta was the highest at around 72 – 75 per cent (European Central Bank Report 2017). It was further noted that Cyprus was the only country where the majority of consumers said they “preferred to pay with cash if they are free to choose between cash and cashless means of payment”.
However, did you know that 50 per cent of 16-20 year olds now carry less than £10 in cash, while 12 per cent carry no cash whatsoever, which is predicted to rise in the future (Worldpay UK Payments Report, 2018). This is no surprise. Contactless payments makes it even quicker and easier than Chip and Pin to buy smaller value items with a instant “tap” rather than shuffling around for loose change.