The EU will introduce a ban on cash payments
Cash transactions in retreat – EU to introduce restrictions
Currently, in Poland there is a cash limit for payments in inter-company transactions of 15,000 PLN. Meanwhile, in April 2024, the European Parliament adopted regulations to introduce in the EU:
- total ban on cash transactions exceeding 10,000. EUR,
- supervision and control over cash transactions above 3,000. EUR.
Restrictions on cash payments – how will they affect Polish enterprises?
Restrictions and controls on cash payments are intended to apply to both companies and individuals. For some enterprises, the introduction of the above limits may pose difficulties in conducting business. While such bans will not change practically anything for large companies, they will change for small and micro companies. This mainly concerns the service industries. According to the Payment Preferences of Poles 2024 study, in small service points such as, among others, shoemakers, tailors, bazaars and greengrocers, cash payments still dominate.
This is also a new solution, which will come later, in about 3 years, when there are opposition to them. On the other hand, the results of the follow-up survey show that we are open to mechanical innovations, and as many as 75 percent sent electronically, regularly sent for contactless payments. In addition, cashless operation is one of several factors ensuring operation both in Poland and abroad, so the change cannot be triggered.
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