Filenews 2 February 2026
A significant strengthening of digital transactions is recorded in Cyprus during the first half of 2025, according to the Statistical Payments Report of the Statistics Department of the Central Bank of Cyprus. The data reflect developments in the volume and value of non-cash transactions, based on data collected from all payment service providers in Cyprus, in the context of the revised Regulation (EU) 2020/2011.
The report shows that although cheques and cash are still in use, their use has been steadily declining in recent years as consumers increasingly adopt electronic means of payment.
Cards and credit transfers dominate
Cyprus payment cards are the most popular means of payment, covering 75% of the total transaction volume in the country. In fact, Cyprus records the second highest frequency of card use in the entire euro area.
In terms of transaction value, credit transfers dominate, accounting for 84% of the total value, with cheques following at a distance, covering 6%.
Particular emphasis is placed on the electronic form of credit transfers, as 98% of their volume in Cyprus was carried out electronically, compared to 94% in the euro area. However, the use of direct credit transfers in Cyprus (17%) remains lower than the euro area average (21%).
Internet, contactless payments and ATMs
The report records a clear preference for higher-value payments online, compared to POS payments with physical presence. The average value of online payments with Cypriot cards (€125) is among the highest in the euro area.
At the same time, Cyprus appears to be particularly advanced in the adoption of contactless technology, as more than 72% of ATMs support contactless transactions, a percentage more than double the eurozone average (34%).
The role of cash remains
Despite the shift to digitalization, cash withdrawals continue to be an important self-service tool for Cypriots, mainly through ATMs, but also through the cashback service at POS, confirming that cash still retains a functional role in everyday life.
