Filenews 25 July 2025 - by Theano Thiopoulou
Cash is gradually being reduced as a means of payment and the use of plastic money is becoming the most popular method of transactions in everyday life of Cypriots as well.
In Cyprus, the total volume of transactions (excluding cash) increased by 9%, to 150 million transactions in the first half of 2024, compared to the first half of 2023, while the total value increased by 8%, to €118 billion, for the same period.
The total volume and value of transactions grew faster in Cyprus than in the euro area. Indicatively, in the euro area, total volume in the first half of 2024 increased by 7%, to 72 billion, compared to the first half of 2023, while the total value increased by 2%, to €114 trillion for the same period. The data are included in the third "Payments Statistics" report for the second half of 2024 published on Thursday by the Central Bank of Cyprus, while the previous day the European Central Bank published the statistics for all Eurozone countries.
But what are the 10 most popular goods/services acquired with card payments for the first half of 2024 in Cyprus?
The largest amount spent through card payments relates to payments received for payment institutions, which corresponds to 10% (€750 million) of the total value of card payments.
This is followed by payments to the Government, with a share of almost 10% (€718 million) of the total value of card payments, purchases (€653 million) in grocery stores and supermarkets, equity securities (€529 million), restaurants and restaurants (€370 million), bank transfers and money orders (€353 million), utility bills (€208 million), betting (€196 million) of the total value of card payments, petrol stations (€164 million), family clothing stores (€113 million).
Card payments are more commonly used in physical POSs (i.e. in-store) rather than online. In the first half of 2024, the separation between card payments with physical presence in POSs and online card payments amounted to 71% and 29% in volume, while in value the separation was 44% and 56%, respectively. In the euro area, the split between face-to-face card payments at POSs and online card payments amounted to 82% and 18% in volume, while in value the split was 72% and 28%, respectively.
ATMs continue to be a valuable tool for self-service to the public in Cyprus, recording withdrawals of €2.4 billion in the first half of 2024, recording a limited increase of 3% compared to the corresponding period of 2023.
Cyprus is an effective supporter of contactless technology, with more than 75% of ATMs in Cyprus accepting contactless cards, while the equivalent in the euro area is 30%.
The total number of licensed payment and electronic money institutions in Cyprus (total: 38) has shown an increasing trend in recent years. It is noteworthy that Cyprus had one of the highest numbers of payment institutions and electronic money institutions per capita in the euro area. It is also important to note that Cyprus had one of the highest numbers of payment institutions and electronic money institutions per capita in the euro area.
