Credit transfers remain the most popular non-cash payment method in Cyprus in terms of total transaction value, accounting for 83% of all payments, according to the Central Bank of Cyprus’s third Payment Statistics report for the second half of 2024. Cheques ranked second at 7%, confirming their continued relevance in the domestic market.

According to the data, Cypriots use credit transfers (average value: €4,402) and cheques (average value: €3,615) for high-value transactions, whereas payment cards (average value: €39) are preferred for lower-value payments. Notably, the average cheque payment in Cyprus was three times higher than the euro area average (€1,140).

Cards Lead in Usage Frequency, Especially for Online Payments

Despite their lower average transaction value, payment cards are used more frequently in Cyprus than in the euro area—74% of transactions compared to the euro area’s 57%—making them the most used payment method by volume.

“There is a clear and steady preference for high-value online payments with cards over face-to-face transactions. Remarkably, the average value of online payments with Cypriot cards (€127) was among the highest in the euro area,” the Central Bank of Cyprus highlighted.

Additionally, Cyprus continues to effectively support contactless payment technology. Over 75% of ATMs in the country now accept contactless card payments, compared to just 33% across the eurozone.

The number of licensed payment and electronic money institutions in Cyprus remained relatively stable, rising slightly from 36 at the end of H2 2023 to 38 at the end of H2 2024.