Cyprus Mail
Business Cyprus

Plastic money transactions up 13% in 2017

By Stelios Orphanides

Plastic money became more popular last year with card transactions 13 per cent up on 2016 reaching a total of €2.7bn, said JCC, the company dealing with bank card transactions. In December alone there was a 15 per cent increase to €310.9m.

The use of local cards for transactions and cash withdrawals abroad rose 12 per cent in 2017 and 11 per cent in December to €148.5m, JCC said in an emailed statement.

The use of foreign cards rose 18 per cent last year to €919.9m for sales alone and 13 per cent to €1.2bn for sales and cash withdrawals. In December, the value of sales of foreign cards rose 12 per cent to €49.4m compared to December 2016 while the value of sales and cash withdrawals rose 8 per cent to €67.9m.

Holders of local bank cards used them for payments worth €9.5m last year in the Turkish held part of Cyprus and for €3.4m in Turkey, JCC said. In December, the respective values were €1.2m and €307,793. The value of transactions with Turkish cards last year was €25.9m and in December €2.2m.

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