Nicosia: In value terms, credit transfers have emerged as the predominant method of non-cash payment transactions in Cyprus, representing 83% of the total value of such payments. Cheques hold the second position with 7%, underscoring their continued significance in the national market. These insights are drawn from the “Payment Statistics” report for the first half of 2024, published by the Central Bank of Cyprus.
According to Cyprus News Agency, Cypriots favor credit transfers, with an average transaction value of £4,402, and cheques, averaging £3,615, for higher-value payments. In contrast, card payments, with an average value of £39, are primarily used for lower-value transactions. Notably, the average cheque value in Cyprus is three times that of the euro area, which stands at £1,140.
Card payments are more frequently utilized in Cyprus, accounting for 74% of transactions by volume, compared to 57% in the euro area. This positions card payments as the most popular non-cash payment method in volume terms within the country. Moreover, there is a marked preference for high-value card payments initiated online rather than at physical points of sale, with an average online card payment value of £127, one of the highest in the euro area.
Cyprus also demonstrates strong support for contactless technology, with over 75% of ATMs accepting contactless transactions, compared to 33% in the euro area. Additionally, the number of licensed payment and electronic money institutions in Cyprus showed slight growth, increasing from 36 at the end of 2023 to 38 by the end of 2024.