Cash withdrawals via e ATMs continue to be an important self-service channel in the banking sector in Cyprus, with the total value of withdrawals amounting to approximately €2.6 billion in the second half of 2025.
The Central Bank's payment statistics report highlights interesting data on cash access and withdrawals.
It is noted that, although the total value of ATM withdrawals remained relatively stable compared to the second half of 2024, the number of ATM withdrawals decreased, suggesting an increase in the average amount per withdrawal.
This trend is also evident in the long term, as the average value per ATM withdrawal increased by 27%, from €307 in the second half of 2022 to €390 in the second half of 2025.
This development, according to the Central Bank, suggests that consumers are making fewer, but higher-value cash withdrawals, which may be linked to changes in the way cash is accessed and used.
The total number of automated teller machines (ATMs) in Cyprus remained relatively stable, showing a marginal decrease from 398 at the end of the second half of 2024 to 396 at the end of the second half of 2025. Although new ATMs were installed in remote and mountainous areas during 2025, with the aim of facilitating local communities' access to cash, these additions were offset by the removal of ATMs in other, more central areas.
The Central Bank reports that the total number of ATMs in the euro area recorded a marginal decrease, from 252,249 at the end of the second half of 2024 to 248,888 at the end of the second half of 2025. The Central Bank notes that the number of ATMs in both Cyprus and the euro area has decreased by about 13% over the past five years, reflecting on the one hand the gradual reduction in the use of cash and on the other hand the efforts of banks to optimize their operating costs.
Additionally, around 73% of ATMs in Cyprus supported contactless transactions in the second half of 2025, demonstrating a relatively advanced ATM network and a high degree of readiness to meet changing consumer preferences in the payment sector. This figure is well above the euro area average of 38%.
Reduction in cash
According to a study by the European Central Bank, Cyprus recorded the largest decrease in the share of cash transactions at points of sale (POS) among euro area countries over the period 2022-2024.
This development reflects the ongoing shift in consumer behaviour towards digital means of payment and highlights the growing preference for electronic payments for everyday transactions.
At the same time, alternative cash withdrawal channels have been developed, such as the cashback service at the point of sale (POS). Although ATM withdrawals are still the primary way to access cash in Cyprus, cashback service at POS terminals has gained traction in recent years and is gradually establishing itself as an important complementary cash withdrawal channel in the Cypriot market.
The Central Bank also highlights the fact that the shift towards alternative and automated cash access channels is also reflected in the significant reduction in withdrawals to banks' cash registers.
According to the report, the volume of withdrawals through funds has almost halved in the last three years. This development may be linked to both the shift of consumers towards ATMs and other service alternatives, and the preference for using service channels that entail lower costs for the customer in alignment with banks' strategic efforts to reduce their customers' reliance on physical bank branches.
