Nicosia: Card payments emerged as the predominant non-cash payment method, representing 75% of the total volume of non-cash payment transactions in Cyprus during the second half of 2025. This finding comes from the Statistical Service of Cyprus's Payment Statistics report, which indicates that Cyprus has the highest share of card payments in the euro area.
According to Cyprus News Agency, the Payment Statistics report for the latter half of 2025 provides insights into non-cash payment developments in Cyprus and information on the use of payment cards and terminals by the public. The report highlights a continued shift among Cypriots towards digital payment methods, with an increase in both the volume and value of non-cash transactions during this period.
The report states, "Card payments remained the most frequently used non-cash payment instrument, accounting for 75% of total volume of non-cash payment transactions in Cyprus. In fact, it recorded the highest share of card payments in the euro area."
The analysis further reveals that online card payments in Cyprus are linked to higher average transaction values compared to those at physical points of sale. The average value of online card payments ranks among the highest in the euro area, indicating the growing significance of e-commerce in consumer spending.
In terms of value, credit transfers continue to be the leading non-cash payment instrument, making up 84% of the total value of non-cash payments in Cyprus. This reflects their widespread use for high-value payments. Despite a decline, cheques remain the second most important payment instrument by value, used mainly in specific business and property-related transactions.
There has been a significant increase in the use of SEPA Instant Credit Transfers (SCT Inst) in both Cyprus and the euro area over the past three years. Cyprus has not only closed the gap with but also surpassed the euro area average following the implementation of the Instant Payments Regulation.
The country is at the forefront of contactless payment infrastructure, with over 73% of domestic ATMs supporting contactless transactions, exceeding the euro area average of 38%.
Despite a decrease in the number of ATM cash withdrawals, the average value per ATM withdrawal hit a new high. Meanwhile, over-the-counter cash withdrawals have continued to decline, indicating a consumer shift towards automated and cost-effective service channels.
The payments ecosystem is evolving with the adoption of innovative payment solutions and technological advancements in alignment with the Eurosystem's retail payments strategy, aimed at enhancing Europe's strategic autonomy in payments. Initiatives such as the digital euro, instant payments, and European payment solutions are expected to boost efficiency, competition, and resilience in the retail payments landscape in the future.