Credit card spending spiked 6% in January to Euros 413 mln

Cyprus credit card transactions in January increased by 6%, reflecting stable consumer confidence while online payments to the state did not play a significant role in the rise.

According to the latest JCC data, the value of Cyprus credit card spending in the domestic market increased by 6% in January to Euros 413.6 mln compared to the same month last year.

The sectors that witnessed the largest volumes were professional services, utility payments, restaurants, bars, hotels and entertainment.

Meanwhile, there was no notable decline in plastic money spent in any sector.

Sales and cash withdrawals of Cypriots with credit cards abroad, including online purchases, was up 13% to Euros 167.7 mln in January.

Foreign card transactions (sales) increased by 25% in January to Euros 80.09 mln.

Cyprus cards used in Turkey and the occupied north of the island reached Euros 1.78 mln last month.

Transactions with Turkish cards in the Cyprus Republic stood at Euros 1.65 mln for the first month of the year.

A staggering Euros 3.93 bln was spent in 2019 up 11% from Euros 3.53 bln the year before. This followed a whopping increase of 33% in 2018 and in 2017 the increase was 13%.

Source: The Financial Mirror