Card payments surged to 75% of non-cash transactions in Cyprus during late 2025, the highest share in the Eurozone, driven by rising e-commerce values, contactless ATM growth, and rapid adoption of instant credit transfers.

Card payments remained the most frequently used non-cash payment instrument, accounting for 75% of total volume of non-cash payment transactions in Cyprus, during the second half of 2025, according to the statistical report on Payment Statistics of the Statistical Service of Cyprus, which adds that Cyprus recorded the highest share of card payments in the euro area.

The Payment Statistics report for the second half of 2025, provides an overview of the main developments in non-cash payment services in Cyprus, as well as useful information on the usage of payment cards and terminals by the public.

Surge in Non-Cash and Online Transactions

According to the report, Cypriots continue to shift towards digital payment methods, with non-cash payment transactions increasing in both volume and value during the second half of 2025.

"Card payments remained the most frequently used non-cash payment instrument, accounting for 75% of total volume of non-cash payment transactions in Cyprus. In fact, it recorded the highest share of card payments in the euro area" it says.

Online card payments in Cyprus were associated with significantly higher average transaction values than card payments at physical points of sale (i.e. at stores). Τhe average value of online card payments was among the highest in the euro area, highlighting the increasing role of e- commerce in consumer spending patterns.

High-Value Payments: Credit Transfers and Cheques

In value terms, credit transfers remained the dominant non-cash payment instrument, accounting for 84% of the total value of non-cash payments in Cyprus, reflecting their widespread use for higher-value payments.

Despite their continued decline, it adds, cheques remained the second most important payment instrument in value terms, reflecting their ongoing use in specific business and property-related transactions.

Rapid Adoption of Instant Payments and Contactless Infrastructure

The use of SEPA Instant Credit Transfers (SCT Inst) increased significantly over the past three years in both Cyprus and the euro area. Growth was more pronounced in Cyprus, enabling it to not only close the gap with, but also surpass the euro are average following the implementation of the Instant Payments Regulation.

Cyprus remains at the forefront of contactless payment infrastructure, with more than 73% of domestic ATMs supporting contactless transactions, well above the euro area average of 38%, it notes.

ATM Cash Trends and Retail Strategy

Despite the continued decline in the number of ATM cash withdrawals, it says, the average value per ATM withdrawal reached a new high, while over-the-counter cash withdrawals continued to decrease, reflecting consumers’ shift towards automated and lower-cost service channels.

The payments ecosystem continues to evolve through the adoption of innovative payment solutions and technological developments in line with the Eurosystem’s retail payments strategy, which seeks to strengthen Europe’s strategic autonomy in payments. In this context, initiatives such as the digital euro, instant payments and European payment solutions shall enhance efficiency, competition and resilience in the retail payments landscape in the future, it concludes.

Source: CNA(ΚΥΠΕ)