Card payments remain the most widely used method of non-cash transactions in Cyprus, according to the Central Bank of Cyprus (CBC) in its latest payment statistics for the first half of 2024.

The CBC notes that card payments in Cyprus are significantly more frequent (73%) compared to the euro area average (56%), making them the dominant form of non-cash transactions in terms of volume.

While card payments lead in transaction volume, credit transfers account for the highest value of non-cash transactions in Cyprus, representing 81% of the total value. Cheques rank second, comprising 8% of total non-cash payment value, highlighting their continued relevance in the local financial market.

The CBC further reports that Cypriots tend to use credit transfers (average transaction: €4,038) and cheques (average transaction: €3,498) for high-value payments. Meanwhile, card payments, with an average transaction value of €62, are primarily used for lower-value purchases. Notably, the average cheque value in Cyprus is three times higher than the euro area average (€1,129).

A noticeable trend in Cyprus is the preference for high-value card payments initiated remotely (i.e., online) rather than at physical point-of-sale (POS) terminals. The CBC highlights that the average value per online card payment for Cypriot-issued cards (€119) is among the highest in the euro area.

Additionally, Cyprus has embraced contactless payment technology, with over 75% of the country’s ATMs supporting contactless transactions, compared to just 30% in the euro area.

The total number of licensed payment and electronic money institutions in Cyprus has increased in recent years, reaching 38. The CBC notes that Cyprus has one of the highest ratios of payment and electronic money institutions per capita in the euro area, reflecting a rapidly expanding digital payments sector.