Cyprus Leads Eurozone In Card Payments As Digital Transactions Surge

by THEFUTURE.TEAM

February 2, 2026

Digital Transformation Accelerates In Cyprus

Cyprus has rapidly embraced digital payment methods, with card transactions now constituting 75 percent of total payment volume, the second-highest share in the eurozone after Portugal. According to data released by the Central Bank of Cyprus (CBC), this shift reflects both consumer demand for convenience and the influence of progressive regulatory frameworks.

Regulatory Impacts And Consumer Preferences

Despite the surge in digital transactions, cash and cheques remain present in the domestic payment landscape, although their use has been declining in recent years. The CBC noted that while Cypriots increasingly favor electronic methods, traditional payment instruments still play a local role. Regulatory initiatives, including the September 2021 mandate requiring retail and service-sector establishments to accept card payments, have further supported the digital transition.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Transaction Volumes And Payment Types

While cards lead in transaction volume, credit transfers exceed them in value. During the first half of 2025, credit transfers accounted for 84 percent of total transaction value, while cheques represented 6 percent. The number of payment cards in circulation increased by 7 percent year over year, reaching 2 million, or roughly two cards per resident. Debit cards remain predominant, significantly outpacing credit and post-paid alternatives.

Technology And Infrastructure In A Competitive Landscape

According to the European Central Bank’s report on consumer attitudes toward payments, Cyprus recorded one of the steepest declines in point-of-sale cash use among euro area countries and demonstrated high levels of digital processing for credit transfers, with 98 percent handled electronically. High-value online transactions average €125, compared with €37 in physical retail environments.

Enhanced Infrastructure And Sector Dynamics

The nation’s payment infrastructure is robust, with over 72 percent of ATMs offering contactless transactions compared to just 34 percent across the euro area. Self-service options remain essential, particularly for cash withdrawals and limited cashback services at retail points. Furthermore, the distribution of card payment values reveals that payment institutions capture 14 percent (€912m) of the total, followed by government payments at nearly 12 percent (€768m) and grocery transactions with an 11 percent share (€690m). Online channels dominate transactions toward governmental entities and payment institutions, whereas supermarket transactions predominantly occur in person.

The Future Forbes Realty Global Properties

EU Services Production Grows As Information And Communication Lead

by THEFUTURE.TEAM

November 10, 2026

Services production continued to expand across the European Union in August 2026, with information and communication recording the strongest annual growth. However, performance varied significantly between industries and member states, while Cyprus reported a mixed picture, with business services expanding and hospitality-related activities declining.

Information And Communication Leads Sector Growth

Compared with August 2025, services production increased by 5.9% in the euro area and 5.8% across the EU in information and communication. Transportation and storage also recorded growth, rising by 2.1% and 1.9%, respectively.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Real estate activities increased by 1.6% in the euro area and 1.1% in the EU. Professional, scientific and technical activities grew by 1% in both areas, while administrative and support services advanced by 1.1% and 1.3%.

Accommodation and food services was the only major sector to record an annual decline, falling by 0.1% in both the euro area and the EU.

The monthly figures were more mixed. Information and communication remained the strongest performer, increasing by 1.2% in the euro area and 1% across the EU. Real estate activities rose by 0.4% and 0.9%, respectively, while transportation and storage edged up 0.1% in the euro area but declined by 0.2% in the EU.

Administrative and support services recorded modest gains of 0.2% in the euro area and 0.1% in the EU. Accommodation and food services fell by 0.3% and 0.4%, while professional, scientific and technical activities declined by 0.8% and 0.9%, respectively.

Slovakia And Greece Record Strongest Annual Growth

Romania recorded the largest monthly increase in services production, at 5.2%, followed by Malta at 1.8% and Portugal at 1.7%. Luxembourg experienced the steepest decline, with output falling by 5.1%, followed by Bulgaria at 2.3% and Denmark at 1.9%.

On an annual basis, Slovakia led with growth of 10%, followed by Greece at 9.3% and Malta at 7.5%. Hungary recorded the weakest performance, with services production declining by 5.6%. Denmark fell by 5.3%, while Italy recorded a smaller decrease of 0.3%.

Cyprus Sees Growth In Business Services But Weakness In Hospitality

Cyprus’ latest figures show a similar divide between expanding business services and weaker hospitality-related activities. According to the Statistical Service of Cyprus (Cystat), professional, scientific and technical activities recorded the strongest annual growth among the covered sectors in the second quarter of 2026, increasing by 3.4%.

Transportation and storage and information and communication both grew by 2.1%, while real estate activities rose by 1.6%. In contrast, accommodation and food services declined by 3.1% year on year, and administrative and support services fell by 2.2%.

First-half results were more favourable for several sectors. Between January and June, professional, scientific and technical activities grew by 3.5%, transportation and storage by 2.8%, real estate by 2.1% and information and communication by 1.3%.

Nevertheless, administrative and support services contracted by 1% over the six-month period, while accommodation and food services declined by 0.7%.

How Cyprus’ Figures Differ From Eurostat’s Data

The Eurostat and Cystat figures measure different aspects of economic activity and are not directly comparable. Eurostat’s services production index tracks changes in the volume of output, whereas Cystat’s Turnover Value Index for Services and Transport measures the value of sales at current prices.

The reporting periods also differ: Eurostat’s figures cover August, while the cited Cypriot data relate to the second quarter and first half of 2026.

Cystat transmits services production data to Eurostat but does not yet publish a separate national production index. Turnover figures therefore remain the main publicly available national indicator for the sector.

Taken together, the data point to continued growth in several of Cyprus’ business-oriented services, alongside persistent pressure on accommodation, food and administrative support activities.

Breaking news