From 2027, a cash payment limit of €10,000 for businesses and individuals will apply throughout the European Union, with member states able to tighten these limits even further in their own territory. The regulation applies to any product, and this may be a problem for Poles.
According to Salon24, Poles love cash: 59 percent pay with it out of habit, 47.5 percent believe that cash makes it easier to control expenses, and 39 percent simply do not like cashless payments. Many simply do not trust financial institutions and are afraid of new technologies.
Concerns abound especially in older age groups and among residents of smaller towns.
The introduced regulations apply not only to private purchases, but also to the activities of banks, financial companies, real estate agencies, casinos, and sellers of luxury goods. Importantly, cryptocurrency exchanges will have to identify customers even for transactions exceeding €1,000.
In Poland, a ban on cash payments above PLN 15,000 (€3,500) in business-to-business relations has been in force for several years. However, new EU regulations will be more stringent and also cover private individuals.
The ban on cash payments above €10,000 will come into effect in 2027, but sports clubs will be given more time to adapt – the new rules will only apply to them from 2029.
The main goal of introducing restrictions is to combat money laundering and terrorism financing by increasing the transparency of the financial system and hindering criminal activity.
Some resistance is expected, as many Poles prefer using banknotes and coins to pay for items.
As the 2024 PolCard from Fiserv study shows, about 18 percent of Poles rarely or never use cashless payments.