Credit transfers the most popular means of non-cash payment in value in Cyprus

08:41 - 25 July 2025

Financial Services

In value terms, credit transfers is the most popular method of non-cash payment transactions, representing 83% of the total value of non-cash payments for Cyprus, while cheques is ranked second with 7% confirming once again that its presence in the national market remains important, according to data from the Central Bank of Cyprus (CBC) "Payment Statistics" for the first half of 2024.

Cypriots used credit transfers (average value: €4,402) and cheques (average value: €3,615) for higher-value payments, whereas card payments (average value: €39) were mostly used for lower value payments. The average value of cheques in Cyprus was three times larger than that of the euro area (€1,140).

Card payments in Cyprus are used more frequently (74%) compared to the euro area (57%) and stand out as the most popular method of non-cash payment transactions in Cyprus in volume terms.

In Cyprus, there was a relatively consistent preference for high-value card payments initiated remotely (online) rather than at physical POSs. The average value per card payment initiated online for CY cards (€127) was one of the highest in the euro area.

It is also noted that Cyprus strongly supports the contactless technology, since more than 75% of the total ATMs accepted contactless transactions, as opposed to 33% in the euro area.

The total number of licensed payment institutions and electronic money institutions in Cyprus remained relatively stable from the end of the second half of 2023 (total: 36) to the end of the second half of 2024 (total: 38).

Credit transfers the most popular means of non-cash payment in value in Cyprus

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