The Finance Ministry on Tuesday issued a decree obliging companies in Cyprus operating in the service sector and retail trade to accept payments via cards as from September 20.
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, 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 € 2,000.