Nicosia, Cyprus. Card transactions now account for 75 per cent of total payment volume in Cyprus, the second-highest share in the eurozone after Portugal, according to data released on Monday by the Central Bank of Cyprus (CBC). Cash and cheques continue to be used domestically, although their use has declined steadily.
Cards lead by volume as cash use declines
The CBC said Cypriots are increasingly turning to digital transactions, while the use of cheques and cash remains significant. It also cited the speed and convenience of card payments, and noted that regulatory changes have supported the expansion of card usage.
The central bank pointed to a September 2021 decree requiring retail and service-sector businesses to accept card payments as a factor contributing to the steady growth in card use.
Credit transfers dominate by value
While cards account for the largest share of transaction volume, credit transfers were the leading payment method by value, representing 84 per cent of total transaction value in Cyprus during the first half of 2025. Cheques accounted for 6 per cent by value, the CBC reported.
Growth in cards in circulation
By the end of the first half of 2025, the number of payment cards in circulation rose 7 per cent year on year to 2 million, equivalent to an average of two cards per resident. Debit cards remained dominant, with consumers 84 per cent more likely to hold a debit card than a credit or post-paid card.
ECB report highlights sharp fall in cash at POS
According to the European Central Bank’s consumer attitudes towards payments report, Cyprus recorded the largest decline in cash use at points of sale between 2022 and 2024 among euro area countries, measured by transaction volume.
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