Slovakia Shifts to Cashless: New Law Impacts 117,000 businesses
Bratislava, Slovakia – A significant โshift is underway forโค businesses โacrossโข Slovakia as a new law mandating the acceptance โofโค atโ least one form of cashless payment takes โeffect inโ 2024. Affecting approximately 117,000 entrepreneurs, the legislation aims to modernize the country’s payment โinfrastructure and align it with European trends.
The move comesโ as โSlovaks increasingly favor digital transactions. A recent survey by Global Payments reveals that 69 percent of citizens prefer paying by card, mobile phone, or smartwatch, compared to only 29 percentโฃ whoโ preferโข cash. This preference is driving a โrapid increase in cashless payment terminals, jumping from 12 per 1,000 inhabitants โคin 2022 to 21 in 2024. The average transaction amount via terminal is currently 27 euros.
According to โMichal Kitko, โGlobal โคPayments country manager for Slovakia,โ the transition to cashless โฃpayments offers tangible โฃeconomic benefits. “Based onโ our data, โthe income of entrepreneurs will usually increase after the introduction of cashless payments by 7 to 18 percent,” Kitko stated. Beyond increased revenue, businesses โฃalso stand to reduce administrative burdens and โขrisks associated with handling cash.
The new โฃlaw does not dictate how businesses must accept cashless payments, offering options such as customary payment terminals, โmobile terminal applications, and QR codes. Entrepreneurs are encouraged to โขchoose a method and implement โขit before the obligationโค begins.โค Public perception of the law is overwhelminglyโ positive, with โ90โ percent of โrespondents viewing โit favorably or neutrally, and only 3 percent expressing โคnegative sentiment.
