WE WITHDREW €2.5 billion IN 6 MONTHS FROM ATMs - Filenews 27/2 by Charalambos Zakos
As stated in the CBC report, the total volume of withdrawals recorded a decrease compared to the corresponding period of 2024, however, the total value remained at stable levels. This is due, as noted by the Central Bank, to the increase in the average value of withdrawals, which even recorded an increase of 28% from the end of the first half of 2022 to the end of the first half of 2025, i.e. from 291 euros to 372 euros in 2025.
An important element is also the fact that in Cyprus there is a strong trend for contactless transactions, since more than seven out of ten ATMs accept cards with the possibility of contactless transactions, while the corresponding percentage in the euro area is limited to 34%, demonstrating the significant deviation in favour of Cyprus.
Each Cypriot receives two cards
The withdrawals and the frequency of use of the cards are not random and are related to another important element. According to the same report, the total number of cards increased by 7%, reaching 2 million in the first half of 2025, i.e. with an average of two payment cards per Cypriot citizen.
Payment cards in Cyprus are the most popular means of payment (75%) in total transaction volume, even holding the second most frequent use of payment cards by the entire euro area, with Portugal as the first country.
VISA and Mastercard
As recorded in the report, the most popular payment cards in Cyprus are debit cards, since according to the data, citizens are 85% more likely to have a debit than a credit card.
In addition, VISA and Mastercard are the most popular payment cards in Cyprus, with Cyprus' systemic banks offering both.
Of particular interest is also the average value of card payments in physical stores at POS terminals in relation to online payments.
In particular, the average value of terminals used through payment with physical value is €37. The equivalent in the euro area is around €33. On the contrary, online payments in Cyprus record a clear preference, since they show high-value payments, which amount to €125 for Cyprus compared to €60 in the euro area.
