Card payments the most popular method of non cash payments, CBC says

Card payments in Cyprus  stand out as the most popular method of non-cash payment transactions in Cyprus in volume terms, the Central Bank of Cyprus says in its payment statistics for the first half of 2024.

It notes that card payments in Cyprus are used more frequently (73%) compared to the euro area (56%) and stand out as the most popular method of non-cash payment transactions in Cyprus in volume terms.

In value terms, it adds, credit transfers is the most popular method of non-cash payment transactions, representing 81% of the total value of non-cash payments for Cyprus, while cheques are ranked second with 8% confirming once again that its presence in the national market remains important.

The CBC notes that Cypriots used credit transfers (average value: €4,038) and cheques (average value: €3,498) for higher-value payments, whereas card payments (average value: €62) were mostly used for lower value payments. It is highlighted that the average value of cheques in Cyprus was 3 times larger than that of the euro area (€1,129).

In Cyprus, it says, there was a relatively consistent preference for high-value card payments initiated remotely (i.e. online) rather than at physical POSs (i.e. at the store). It is noteworthy that the average value per card payment initiated online for CY cards (€119) was one of the highest in the euro area.

The CBC says that Cyprus strongly supports the contactless technology, since more than 75% of the total CY ATMs accepted contactless transactions, as opposed to 30% in the euro area.

The total number of payment and electronic money institutions licensed in Cyprus (total: 38) displayed an upward growth during the last few years.

It is noted that for Cyprus, the total number of payment and electronic money institutions per habitant was among the highest in the euro area.

(Source: CNA)