Cypriots are shifting towards digital payments, with card payments standing out as the most popular method (75%) of non-cash payment transactions in volume terms, exhibiting also the second highest card usage in the euro area, according to Central Bank of Cyprus' statistical release for the first half of 2025.

As CBC notes, "Cypriots are shifting towards digital payments, while the use of cheques and cash remains important despite the notable decrease in the volume of cheques and cash withdrawals over the last few years."

Card payments in Cyprus stand out as the most popular method (75%) of non-cash payment transactions in volume terms, exhibiting also the second highest card usage in the euro area, behind Portugal.

In value terms, credit transfers is the most popular method of non-cash payment transactions, representing 84% of the total value of non-cash payments for Cyprus, while the use of cheques is second with 6%.

In Cyprus, 98% of the total volume of credit transfers were performed electronically rather than in a paper-based form, as opposed to 94% in the euro area. It is noted though that the average uptake of instant payments in Cyprus (17%) remained below the corresponding average for the euro area (21%).

"There is a consistent preference for higher-value card payments online rather than at physical POSs (i.e. at stores). It is noteworthy that the average value per online card payment for CY cards (€125) was one of the highest in the euro area", CBC notes, reporting that the average value per card payment initiated at a physical POS for the first half of 2025 was approximately €37.

Moreover, Cyprus seems to strongly support contactless technology, since more than 72% of the total ATMs accepted contactless transactions, as opposed to 34% in the euro area.

However, CBC states that cash withdrawals continue to remain a valuable channel of self-service in Cyprus mainly via ATMs but also through the emerge of cashback at POS.

CNA/MCH/EPH/2026

ENDS, CYPRUS NEWS AGENCY