Bank cards remain the most widely used payment method in Cyprus by total transaction volume, according to the Central Bank of Cyprus’ (CBC) latest payment statistics report.

The report, which covers the first half of 2024, provides an overview of key trends in non-cash payment methods in Cyprus, offering insights into the usage of payment cards and terminals by the public.

Non-cash transactions are classified into six categories: credit transfers, direct debits, payment cards, e-money transactions, cheques, and remittances.

The data is collected from all Cyprus-based payment service providers, including credit institutions, electronic money institutions, and payment institutions.

The central bank mentioned that the report will be published on a biannual basis.

According to the findings, Cypriots use payment cards more frequently (73 per cent) than the eurozone average (56 per cent), making them the dominant payment method in terms of transaction volume.

However, credit transfers account for the highest transaction value (81 per cent), followed by cheques (8 per cent), which remain an important part of the domestic market.

The report highlights that Cypriots prefer credit transfers (€4,038 average transaction) and cheques (€3,498 average transaction) for higher-value payments, while payment cards (€62 average transaction) are used for smaller transactions.

The average cheque transaction value in Cyprus was three times higher than the eurozone average (€1,129).

There is also a clear preference for using payment cards online for higher-value transactions rather than in-store purchases.

The average value of online payments made with Cypriot cards (€119) was among the highest in the eurozone.

Cyprus also stands out in contactless technology adoption, with over 75 per cent of ATMs supporting contactless card payments, compared to just 30 per cent in the eurozone.

Additionally, the number of licensed payment and e-money institutions in Cyprus has been rising in recent years, reaching a total of 38.

The CBC stated that Cyprus has one of the highest numbers of payment and e-money institutions per capita in the eurozone.