Number of POS terminals up 15 per cent as cashless transactions rise

Point of sales (POS) terminals have seen a 15 per cent rise in Cyprus between 2018 and 2020, according to a survey of 14 countries in central and eastern Europe conducted by technology company Printec.

The increase translates into around 4,000 terminals, with the total reaching some 31,000. Printec said it provides support for 60 per cent of the country’s POS terminals.

In a statement, Printec said POS distribution has reached around 18,142 units per million people in 2020, up from 14,800 in 2018.

Cyprus ranked third last year with an estimated 25,824 terminals per million.

According to the European Central Bank, the total number of cashless transactions in the Eurozone rose by 3.7 per cent, or 101.6 billion, year-on-year in 2020.

At the same time, 609 million more cards, a 6.5 per cent rise, were issued last year, compared with 2019.