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Cyprus

E-basket platform to be ready in the summer

Cashback Hellenic Bank
The basket will compare prices in supermarkets

The e-basket app and digital platform is expected to go live in the summer of 2024, after it was voted into law on Friday.

It aims to offer transparency to consumers, showing them prices for basic goods.

Speaking to the Cyprus News Agency on Saturday, Constantinos Karagiorgis who heads the consumer protection service said a tender would be called immediately and would take two months to come to an end.

There will be another three to five months needed to wrap up all necessary procedures, and as such “we expect the platform will be ready around summertime.”

The e-basked will be available as an app for mobile phones and tablets (android and iOS), but also a web platfrom.

Karagiorgis highlighted that the goal is to ensure that “especially in times of crisis, consumers have a tool at their disposal that provides transparency and direct information on a daily basis, so that they can make the most advantageous choices depending on their financial situation”.

In relation to the products that will be included in the platform, Karagiorgis said that the products selected will be those with the highest demand and weight in the household basket, based on statistical data, and will be included in the decree expected to be issued by commerce ministry..

Amendments adopted in parliament on Friday, the minimum annual turnover of businesses, which make it mandatory for a supermarket to submit product sales prices to the platform, was increased from €2 million to €5 million, while the definition of the term “product code” was added to clarify that the comparison will be made on the basis of the same code (barcode).

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