Cards made up 75% of all non-cash transactions in Cyprus during the second half of 2025, the highest share recorded anywhere in the eurozone, according to a report by the Central Bank of Cyprus (CBC). Credit transfers followed with a 16% share.
The report, titled “Payment Statistics for the second half of 2025” and published on Wednesday, recorded a further shift towards digital payment methods, with non-cash transactions rising in both number and total value.
Cypriots made almost five times as many card payments as credit transfers, which remained the second most frequently used payment method. Across the eurozone as a whole, cards accounted for 57% of non-cash transactions, with credit transfers holding a 21% share.
The CBC linked the rising use of cards to their convenience, speed and simplicity, alongside the spread of contactless payments, growing e-commerce, and wider acceptance of cards by businesses.
Online payments worth three times more on average
The average value of online and in-person card payments diverged sharply. A card payment at a physical point of sale in Cyprus averaged around €38, while an online transaction averaged around €129 — more than three times as much. In the eurozone, the equivalent averages were €33 and €60.
Cyprus’s online transaction values ranked among the highest in the eurozone. In-person payments still made up most transactions by number, but online purchases carried significantly higher amounts.
Credit transfers dominate by value, cross-border card use nearly half
The picture shifts when total transaction value, rather than transaction count, is considered. Credit transfers took first place by value, accounting for 84% of all non-cash payments in Cyprus, a share the CBC linked to their use mainly for larger transactions.
Cheques, despite a long-term decline in use, remained the second most significant payment method by value, used mainly for specific business transactions and property sales, the CBC said. Instant credit transfers also grew significantly over the past three years, both in Cyprus and the eurozone, with growth in Cyprus outpacing the bloc: Cyprus closed the gap with the eurozone average and then overtook it following the introduction of the EU Regulation on Instant Credit Transfers.
Domestic transactions made up around 70% of both the number and value of payments in Cyprus overall. Cards, however, showed the highest degree of cross-border activity of any payment method: 45% of card payments by number, and 56% by value, took place across borders, reflecting their international reach.
Where the money was spent
Payments to payment institutions were the largest card-spending category, worth €1.087 billion and accounting for a 14% share. Government services came next, at 11% of spending, worth €832 million, followed by grocery and supermarket purchases, at 10% and €745 million.
Spending on stockbroker and securities dealer services more than doubled over the past three years — growth the report linked to increasing use of cards for investment activity, driven by the strong presence of Forex and contracts for difference (CFD) companies in Cyprus.
Cyprus leads in contactless infrastructure
More than 73% of domestic ATMs in Cyprus support contactless transactions, against a eurozone average of 38%, keeping Cyprus at the forefront of contactless infrastructure.
The payments ecosystem continues to evolve through new technologies and solutions, in line with the Eurosystem’s strategy for retail payments. Initiatives such as the digital euro, instant credit transfers and European payment solutions are expected to boost efficiency, competition and market resilience.
ATM withdrawals reach €2.6 billion
The number of ATMs in Cyprus and the eurozone alike fell by around 13% over the past five years, a decline linked to reduced cash use and banks’ efforts to cut operating costs.
Despite fewer withdrawals, ATMs remain an important self-service channel in Cyprus: total withdrawal value reached around €2.6 billion in the second half of 2025, roughly stable compared with the same period in 2024. As the number of withdrawals fell, the average amount per transaction rose to a new high.
Withdrawals at bank counters continued to decline over the same period, reflecting a shift by consumers towards automated, lower-cost service channels.