Credit transfers dominate Cyprus payments, says CBC
Credit transfers remain the most popular non-cash payment method in Cyprus by total transaction value, accounting for 81 per cent, according to a report published on Thursday by the Central Bank of Cyprus (CBC).
Cheques came in second place by value, with an 8 per cent share, confirming their continued significant presence in the local market despite the broader trend toward digitalisation.
The CBC report, which covered payment statistics for the second half of 2024, highlighted that Cypriots primarily use credit transfers, with an average transaction value of €4,038, and cheques, with an average of €3,498, for high-value payments.
In contrast, payment cards, which have an average transaction value of €62, are typically used for lower-value purchases.
The report also showed that the average value of cheque payments in Cyprus was three times higher than that of the euro area, where the average stood at €1,129.
Cards, however, are used more frequently in Cyprus compared to the euro area, with 72 per cent of total transactions conducted by card, compared to 56 per cent in the eurozone.
This makes cards the most popular payment method by total transaction volume in Cyprus.
“There is a clear, consistent preference for higher-value card payments made online rather than in person,” the CBC said.
“It is remarkable that the average value of online payments made with Cypriot cards (€119) was among the highest in the euro area,” it added.
Cyprus also shows strong support for contactless technology, with more than 75 per cent of ATMs in the country accepting contactless cards.
This is in sharp contrast to the euro area, where only 30 per cent of ATMs support this functionality.
The total number of licensed payment institutions and electronic money institutions in Cyprus now stands at 38, reflecting a rising trend in recent years.
Cyprus continues to hold one of the highest numbers of payment and electronic money institutions per capita in the euro area, the report said.