Bank transfers make up 85% of Cyprus government receipts in first half of 2026

Nicosia, Cyprus. Bank transfers accounted for 85 per cent of the total value of government receipts during the first half of 2026, reflecting the state’s shift towards digital payments, Accountant-General Andreas Antoniades told the Cyprus News Agency.

Online payments represented 10 per cent of receipts, while electronic payments made in person accounted for 1 per cent, leaving 4 per cent for traditional payment methods.

Digital payment transition

Antoniades said electronic payment channels had become “universal in the state”, while the use of digital methods to settle debts to the government continued to increase.

He said the figures confirmed “the smooth path towards the complete digital transformation of state transactions”.

New electronic transaction contract

The transition is expected to deepen under a contract for processing electronic government transactions signed with VivaBank Single-member Banking Company on August 12, 2026.

The €4.1 million contract was awarded following a tender by the Treasury of the Republic. The new technical solution is expected to be implemented and completed during 2027.

Antoniades said the contractor will provide services for three years, with the government holding an option to renew the agreement for one year plus a further year. The contract also includes evaluation, preparation and technical interconnection.

Existing card payment system

Until the new system becomes operational, state card transactions will continue to be cleared under the existing contract with JCC Payment Systems Limited, which was recently renewed.

Approximately €1.5 billion in government receipts is processed through JCC each year, Antoniades said.

The government is also gradually withdrawing the remaining traditional methods used to settle debts to the state.