Cyprus ATM withdrawals hit €2.5bn as average transaction rises

Withdrawals from Cyprus’ 405 automated teller machines (ATMs) reached €2.5 billion in the first half of 2025, according to data published by the Central Bank of Cyprus (CBC), with higher average transactions offsetting a decline in overall volume.

The CBC said the total number of withdrawals fell compared with the same period in 2024.

However, the total value remained broadly unchanged, reflecting a steady rise in the average amount withdrawn.

The average cash withdrawal increased by 28 per cent between the first half of 2022 and the first half of 2025, rising from €291 to €372.

The figures indicate that consumers are withdrawing cash less frequently but in larger amounts.

Meanwhile, Cyprus continues to exceed the euro zone average in contactless infrastructure.

More than 70 per cent of ATMs in Cyprus accept contactless cards, compared with 34 per cent across the euro area.

Card usage overall also expanded. The number of payment cards in circulation rose by 7 per cent year-on-year to 2 million in the first half of 2025, equivalent to roughly two cards per resident.

Payment cards accounted for 75 per cent of total transaction volume, making them the most widely used payment method in Cyprus.

The country ranks second in the euro zone in terms of frequency of card use, behind Portugal.

Debit cards remain dominant. According to the CBC, residents are 85 per cent more likely to hold a debit card than a credit or post-charge card.

VISA and Mastercard are the most commonly used ones, both offered by Cyprus’ banks.

In terms of spending patterns, the average card payment at physical point-of-sale terminals stood at €37, compared with approximately €33 in the euro zone.

Finally, online transactions were significantly higher in value. The average online payment in Cyprus reached €125, more than double the euro area average of €60, pointing to a stronger concentration of higher-value purchases through digital channels.