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Cyprus Government Moves Further Toward Fully Digital Payments

by News Editor

August 27, 2026

Bank transfers accounted for 85% of the total value of government receipts in Cyprus during the first half of 2026, highlighting the state’s rapid shift toward digital payments, accountant-general Andreas Antoniades told the Cyprus News Agency.

Online payments made up another 10% of receipts, while electronic payments made in person represented 1%. Traditional payment methods accounted for just 4%.

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Antoniades said electronic payment channels were now “universal in the state”, with digital methods for settling government debts continuing to gain ground. He described the figures as evidence of steady progress toward the complete digitalisation of state transactions.

New €4.1m Payment System

The shift is expected to accelerate following a new contract for processing electronic government transactions, signed with VivaBank Single-member Banking Company on August 12.

The €4.1 million contract was awarded through a tender conducted by the Treasury of the Republic, with the new technical solution expected to be implemented during 2027. Services will initially run for three years, with the government holding an option to extend the agreement by a further two years.

Until the new system is operational, card payments to the state will continue to be processed under the existing contract with JCC Payment Systems Limited, which was recently renewed. Around €1.5 billion in government receipts is processed through JCC each year, according to Antoniades.

Traditional Payments Being Phased Out

Cyprus is also gradually eliminating traditional payment methods. Personal cheques have not been accepted from individuals or businesses since January 1, 2026, while banker’s drafts remain temporarily available. The government plans to withdraw those as well, leaving cash as the only traditional payment option.

Cash is currently accepted for transactions of up to €10,000.

Antoniades said the move toward digital payments forms part of the state’s broader digital transformation, improving the speed, accessibility and transparency of public services while reducing administrative costs and the operational burden on government.

The continued expansion of digital infrastructure and payment solutions, he added, should help create a more efficient and citizen-friendly public administration while making better use of public resources.

The Future Forbes Realty Global Properties

AI In Practice Brings Business Leaders Together To Learn, Unlearn And Relearn

by News Editor

October 16, 2026

AI in Practice: Changing the Future of Business takes place on Monday, 19 October 2026, at the Cultural Center of European University Cyprus in Nicosia, under the auspices of the Chief Scientist of Cyprus, Demetris Skourides.

Organised by Panis.News with co-organisers GrantXpert Consulting and Future Skills Hub at European University Cyprus, the event will bring together founders, SME owners and senior executives to examine practical uses of artificial intelligence.

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The evening runs from 18:00 to 22:30. Tickets will be available until 12:00 noon on Monday, 19 October, Cyprus time.

For business leaders, the challenge is deciding where AI can deliver results. The programme will explore how to identify useful applications, prepare teams and connect technology investment with business needs. Demonstrations, case studies and direct questions to speakers will help attendees assess their next steps.

Panis Pieri, Founder of Panis.News, said:

“Business leaders need space to ask questions, challenge assumptions and learn from people applying AI. We created AI in Practice to make that conversation accessible and useful. We want attendees to leave with a clearer idea of what they can do next in their own businesses.”

Dr Celia Hadjichristodoulou, Founder and Managing Director of GrantXpert Consulting and Future Skills Hub, said:

“Working out where AI belongs in your business takes real thought about your customers, your processes and your people.”

AIA.Labs supports the event as the Gold Partner. Its founder, Sotiris Makrygiannis, said:

“In the 70s we learnt how to punch a card to go to work or program a timesharing computing machine, in the 80s the personal PC and office tools, in the 90s the modem and basic internet, in the 2000s mobile internet plus web shopping, and by 2010 the mobile apps. Now it’s time to learn how to practically use AI and that alone is the most disruptive thing an individual can do today. We are happy to sponsor the event because theory needs a practical application.”

The Agenda

– 18:00–18:30: Registration and networking.

– 18:30–18:50: Welcome remarks from Panis Pieri, Dr Celia Hadjichristodoulou and EUC Rector Professor Loizos Symeou.

– 18:50–19:00: Interview with Chief Scientist Demetris Skourides.

– 19:00–19:20: The AI Revolution. Why should you care? by Monica Odysseos, Head of AI and Data Lab of Grant Thornton.

– 19:20–19:40: From Business Pain Points to AI Transformation: A CEO’s Roadmap to Real Results by George Malekkos, CEO of POWERSOFT Computer Solutions & AI-Driven Business Transformation Architect & President of CITEA.

– 19:40–20:20: AI and the Future of Business: Will Your Business Be Here in 2030? by Paris Thomas, Executive Advisor on AI & Strategy, Founder at Rapid Visual / Strapivo

– 20:20–21:00: Questions and answers with the speakers.

– 21:00–22:30: Networking over drinks and bites.

The Challenge

The evening’s programme approaches the challenge from three directions.

Monica Odysseos will begin with a question that deserves a clear answer: why should you care?

Her session will explore how AI is changing the way people work, make decisions and create. Her background spans software development, accounting and applied AI, bringing both technical and business perspectives to the discussion.

George Malekkos will then examine how business problems can become starting points for AI adoption.

Where does your company lose time? Which processes cause delays? Where could you improve the customer experience?

His presentation will look at selecting useful applications, preparing teams and processes, and measuring results. For a business owner deciding where to begin, that connection between a specific problem and a measurable outcome matters.

Paris Thomas will take the discussion further with his keynote, “AI and the Future of Business: Will Your Business Be Here in 2030?”

It is a challenging question. It asks leaders to look beyond today’s workload and consider how their products, services and business models might need to change.

His hour-long session will include live AI demonstrations and enterprise case studies. It will explore how leaders can improve their current business while developing new opportunities and preparing for longer-term change.

The Event

The event will be in English.

The full programme and to book your tickets, visit: https://luma.com/ai-in-practice-cyprus

The organisers thank:

Silver Partners Growth Hacking Cyprus, RSEVEN, Mel’s Digital and Makkas Winery.
Supporters: Cyprus Computer Society, XValley Tech, Business Society Accelerator, Startup School Cyprus and Carierista.
Community Partners: EIT Community Hub Cyprus, CYENS, Women in Tech, Startup Greece, ECECT, CITEA, IET Cyprus and Cyprus_IT

Follow updates about the event on social media at #PanisMeetups