What did Cypriots use their cards to spend €4 billion on in the second half of 2023?

Cypriots used payment cards to spend an amount exceeding €4 billion euros on goods and services in just 10 categories, according to a Central Bank of Cyprus report on the second half of 2023.

According to the same report, cards were the most popular medium for transactions, being used significantly more than other means of payment such as cash or cheques.

In more detail, based on the data recently published by the Central Bank, the total volume of transactions (excluding cash) in Cyprus increased by 15% to 152 million transactions in the second half of 2023, compared to the corresponding period of 2022, while the total value increased by 12% to €129 billion for the same period.

According to the same data, the largest amounts spent via cards were for payments received for payment institutions, payments to grocery stores/supermarkets and payments to government services.

More specifically, €704 million was spent on payments taken for payment institutions, €665 million on groceries and supermarkets and €642 million on government services.

This is followed by payments for securities (€551 million) and eating places and restaurants (€376 million).

Beyond that, €320 million in card payments were for utility bills (electricity, water, etc.), €316 million for wire transfers and money orders, €192 million for betting, €172 million for transactions at petrol stations and €125 million for transactions at family clothing shops.

More and more Cypriots using cards

It is worth mentioning that, according to the data published by the Central Bank, more and more Cypriots have been acquiring bank cards, which they use, in fact, as the main instrument for their transactions.

In particular, and based on the report of the Central Bank, in the second half of 2023, the total number of payment cards increased by 8% reaching 1.9 million compared to the second half of 2022, with an average of two payment cards corresponding to each Cypriot citizen.

It is noted that, in the euro area, the total number of payment cards increased by 7% reaching 703.1 million compared to the second half of 2022, with an average of two payment cards for each citizen of the euro area.

At the same time, based on the same data, debit cards are the most popular payment cards in Cyprus, with the data showing that the public is 84% ​​more likely to have a debit card than a credit or delayed debit card.

You can view the full report here.

(Source: InBusinessNews)