Filenews 3 February 2026 - by Theano Thiopoulou
Cypriots pay mostly small amounts by card, while higher value payments are mainly made through credit transfers (average value: €4,496), which represent 84% of the total value of transactions for the first half of 2025. The detailed data announced yesterday by the Central Bank confirm the data released by the European Central Bank last week, reflecting the overall picture prevailing in the Eurozone and the way in which European citizens trade.
The 10 most popular, in terms of value, goods and services acquired through payments with a Cyprus card in the first half of 2025 are further analyzed in relation to the way they are routed, i.e. in person or online. The largest amount spent through card payments concerns payments to payment institutions, which account for 14% (€912 million) of the total value of card payments. This is followed by payments to the government, with a share of almost 12% (€768 million), while third place is occupied by payments to groceries and supermarkets, with a share of 11% (€690 million).
Card payments to payment institutions and to the government are mainly made online, at a rate of 100% and 89% respectively, while payments in grocery stores and supermarkets are made almost entirely (99%) in person.
At the end of the first half of 2025, the total number of payment cards increased by 7%, reaching 2 million, compared to the end of the first half of 2024. On average, there are two payment cards for every Cypriot citizen.
Credit transfers are the main means of payment for higher value transactions – particularly between corporate customers – as they offer security, lower costs and full control over the timing and amount of the transfer. For the same period, cheques ranked second in the highest value payments (average value: €3,807), with a share of 6%, confirming that they still maintain a significant presence in the domestic market.
In the euro area, credit transfers (average value: €6,403) accounted for 92% of the total value of transactions for the first half of 2025, with direct debits (average value: €500) being the second most popular means of payment, with a share of 5%. It is worth noting that the share of cheques in the euro area was negligible (less than 1%) for the same period. In fact, the average value of cheque payments in Cyprus (€3,807) was three times higher compared to the euro area (€1,185).
In the euro area, the split between card payments with physical presence at POS and online payments amounted to 81% and 19% in volume, while in value the split was 70% and 30%, respectively. In Cyprus, the average value of card payments at POS with physical presence amounted to approximately €37, while the average value of online card payments to €125 for the first half of 2025. This data shows a clear preference for higher-value payments over the internet, possibly due to convenience and cost savings from bulk buying. It is worth noting that the average value of online card payments in Cyprus is among the highest in the euro area. Similarly, in the euro area, the average value of card payments to POS with physical presence was around €33, while the average value of online payments was €60.
Contactless payments
The total number of automated teller machines (ATMs) in Cyprus increased slightly, from 397 at the end of the first half of 2024 to 405 at the end of the first half of 2025. This increase is attributed to the installation of ATMs in specific mountainous and remote areas of Cyprus during the first half of 2025, with the aim of facilitating residents' access to cash.
At the same time, about 72% of ATMs in Cyprus accept contactless payment cards. The Central Bank points out that the total number of ATMs in both Cyprus and the euro area has decreased by about 12% over the past five years, as the use of cash has shrunk and banks have reduced their operating costs.
As the total value of withdrawals remained relatively stable from the end of the first half of 2024 to the end of the first half of 2025, the total volume of withdrawals decreased compared to the corresponding period of 2024. This has resulted in an increase in the average value of withdrawals in Cyprus. It is indicative that the average value of withdrawals increased by 28%, from €291 at the end of the first half of 2022 to €372 at the end of the first half of 2025.
