Slovakia Shifts to Cashless: New Law Impacts 117,000 businesses
Bratislava, Slovakia – A significant shift is underway for businesses across Slovakia as a new law mandating the acceptance of at least one form of cashless payment takes effect in 2024. Affecting approximately 117,000 entrepreneurs, the legislation aims to modernize the country’s payment infrastructure and align it with European trends.
The move comes as Slovaks 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 percent who prefer cash. This preference is driving a rapid increase in cashless payment terminals, jumping from 12 per 1,000 inhabitants in 2022 to 21 in 2024. The average transaction amount via terminal is currently 27 euros.
According to Michal Kitko, Global Payments country manager for Slovakia, the transition to cashless payments offers tangible economic benefits. “Based on our data, the income of entrepreneurs will usually increase after the introduction of cashless payments by 7 to 18 percent,” Kitko stated. Beyond increased revenue, businesses also stand to reduce administrative burdens and risks associated with handling cash.
The new law does not dictate how businesses must accept cashless payments, offering options such as customary payment terminals, mobile terminal applications, and QR codes. Entrepreneurs are encouraged to choose a method and implement it before the obligation begins. Public perception of the law is overwhelmingly positive, with 90 percent of respondents viewing it favorably or neutrally, and only 3 percent expressing negative sentiment.
