ATM Withdrawal Trends

Data from the Central Bank of Cyprus show that cash withdrawals from the country’s 405 ATMs totaled €2.5 billion in the first half of 2025. Although the number of transactions declined compared with the same period in 2024, the average withdrawal increased 28% from €291 to €372, keeping the overall value of cash dispensed relatively stable.

Rapid Digital Payment Adoption

Cash usage continues to decline as digital payments expand. Cyprus remains one of the most advanced markets in the euro area for contactless infrastructure, with more than 70% of ATMs supporting contactless cards, compared with around 34% across the eurozone. Payment card circulation increased 7% year over year to approximately 2 million cards, equivalent to about two cards per resident, reflecting continued growth in electronic payment adoption.

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Consumer Spending Patterns And Card Dominance

Card payments now represent around 75% of transaction volume in Cyprus, placing the country among the most card-intensive markets in the euro area. Cyprus ranks second in payment card usage frequency, behind Portugal.

Debit cards remain the dominant payment method, with consumers significantly more likely to hold debit cards than credit or post-charge alternatives. VISA and Mastercard continue to account for the majority of issued cards. Average in-store card transactions stand at €37, slightly above the euro area average of about €33.

Online Spending Trends

Online transactions show higher average values than physical purchases. The average online payment in Cyprus reached €125, compared with roughly €60 across the euro area.

The data suggest that while cash withdrawals remain substantial, consumer behavior is increasingly shifting toward digital payments, particularly for higher-value online purchases.