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Next Previous G. Georgoulas: The future of payments is electronic HOME • INSIDER • CYPRUS • G. Georgoulas: The future of payments is electronic
The promotion and development of the electronic money sector in Cyprus, but also the protection & nbsp; and representation of the professional interests and rights of its members, are the priorities of the newly established Cyprus Association of Electronic Money and Payment Institutions. The president of the association, Ioannis Georgoulas, explains to Insider why it is possible that in the coming years the banknotes will disappear completely from our lives.
Interview with Socrates Joachim
What is the reason for the establishment of the newly formed Cyprus Association of Electronic Money and Payment Institutions (ACEMPI) of the Cyprus Electronic Money and Payment Institutions?/p>
The Association was founded a few months ago. We will emphasize the promotion and development of the electronic money sector in Cyprus, but also the protection & nbsp; and representation of the professional interests and rights of our members. Our main goals are the interconnection and development of our network of members, the conduct of research and studies related to electronic money and the cooperation with the supervisory authorities and in particular the Central Bank for preliminary consultation on issues concerning our sector. After it was found that there are several companies licensed by the Central Bank of Cyprus, which employ a significant number of executives, it was considered correct to have & nbsp; a representation on industry specific issues.
THE MEMBERS OF THE ASSOCIATION
How many companies are your members today and how many staff do they employ?
Our member companies are 11 but we have received the interest of the remaining companies that are licensed in Cyprus to become our members. They employ a satisfactory number of employees that is growing, making the sector one of the most important employers in Cyprus.
THE FUTURE OF PAYMENTS
During Do you think the future of payments is electronic?
As e-commerce is booming and most purchases are now made from our mobile phone or computer, the use of electronic payments is increasing. This means that those who have solutions for easy and & nbsp; fast electronic payments will prevail. Open Banking will play a big role in electronic payments as banks give access to their customer data to third party providers who are usually technology companies to facilitate transactions or for new innovative services. A very large part of payments in Cyprus are already made by electronic means and this is expected to increase in 2022.
You are concerned that Cypriots are not so familiar with electronic payments compared to other countries;
The coronavirus crisis has educated and familiarized Cypriots with electronic payments. The percentage that now uses electronic means has increased dramatically and I can say that we are at least in the European Union average in terms of electronic payments. This will only increase from now on so I do not worry at all about consumer familiarity.
SAFER TO USE
How feasible Is it considered that in the next 10 years banknotes will disappear completely from our lives?
It is the question of one million, but the chances of using electronic money in the next few years alone are very high. & nbsp; First of all, it is much safer to use it since we do not have to travel on the street with banknotes with the possibility of being robbed. It is much easier to use and we can keep an updated file automatically about where we spend our money. The state can better control tax issues and money laundering can be dramatically reduced. Finally, we are at a fairly technologically advanced stage that allows us to do so.