Top 10 Most Frequent Card Payments in Cyprus

The use of cards for payments is increasing in Cyprus, with the total transaction volume rising by 9% in the first half of 2024, reaching 150 million transactions, according to the Central Bank of Cyprus.

The 10 most frequent categories of card payments are:

1. Payment institutions (€750 million)
2. Payments to the Government (€718 million)
3. Grocery stores and supermarkets (€653 million)
4. Equity securities (€529 million)
5. Food and dining venues (€370 million)
6. Bank transfers and money orders (€353 million)
7. Utility bills (€208 million)
8. Betting (€196 million)
9. Fuel stations (€164 million)
10. Family clothing stores (€113 million)

Card payments are mainly made in physical stores (71% of volume), while the remaining 29% are online payments. ATM withdrawals amounted to €2.4 billion, a 3% increase compared to 2023. Cyprus excels in contactless technology, with over 75% of ATMs supporting contactless payments.

The number of licensed payment and electronic money institutions in Cyprus is among the highest in the Eurozone.