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Cyprus Embraces Instant Payments: A Game-Changer For Transactions

by THEFUTURE.TEAM

This week, the Central Bank of Cyprus (CBC) made a significant leap in modernising the country’s payment infrastructure by introducing instant payment services. These new capabilities, effective as of January 9, are accessible for transactions from any bank account in Cyprus or within the Single Euro Payments Area (SEPA).

Instant payments, often called credit transfers, allow funds to move between accounts in real-time, 24/7, eliminating the delays of traditional bank transfers, which are restricted to business hours and often require a full working day to process.

“The introduction of instant payments marks a new era for financial transactions,” the CBC announced.

With this upgrade, individuals and businesses can send and receive money in seconds using online platforms, mobile apps, or other digital devices. The system’s efficiency accelerates the flow of funds and provides significant benefits for recipients. These include enhanced cash flow management, quicker settlement times, and the ability to collect outstanding payments instantly.

The CBC also emphasised the advantages of payment service providers. Instant payments, it noted, create fertile ground for developing innovative services while boosting competitiveness in the retail payments space.

As Cyprus embraces this modernised approach, it’s clear that instant payments are poised to transform the financial landscape, offering speed, convenience, and new opportunities for all stakeholders involved.

Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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