Card Payments Dominate Cyprus’ Cashless Transactions, Outpacing Eurozone Trends

by THEFUTURE.TEAM

February 4, 2025

Card payments have solidified their position as the preferred method of cashless transactions in Cyprus, significantly surpassing the euro area average, according to the latest data from the Central Bank of Cyprus (CBC). The bank’s Payment Statistics report for the first half of 2024 underscores the growing reliance on payment cards for everyday transactions across the island.

Cyprus Leads In Card Payment Adoption

In terms of transaction volume, card payments accounted for an impressive 73% of non-cash payments in Cyprus, compared to the 56% average in the euro area. This widespread adoption highlights the country’s shift toward digital payments, making it the most commonly used payment method.

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However, when measured by transaction value, credit transfers dominated, representing 81% of the total non-cash payment value in Cyprus. Cheques followed in second place, accounting for 8% of transaction value, reaffirming their continued relevance in high-value financial transactions.

Spending Trends: Small Purchases On Cards, Big Transactions Via Transfers

While card payments were the most frequently used method, their average transaction value stood at €62, reflecting their role in everyday purchases. In contrast, credit transfers averaged €4,038 per transaction, while cheques had an average value of €3,498—notably, more than three times higher than the euro area’s average of €1,129.

Interestingly, Cypriots demonstrated a strong preference for making high-value card transactions remotely, rather than in-store. The average value per online card payment using Cyprus-issued cards reached €119, one of the highest figures in the euro area.

Contactless Payments And Financial Services Expansion

Cyprus has also embraced contactless technology at an accelerated pace. Over 75% of ATMs in the country now support contactless withdrawals, significantly ahead of the 30% average across the euro area. This adoption reflects a broader shift towards seamless, digital-first payment experiences.

Meanwhile, the number of licensed payment and electronic money institutions in Cyprus continues to rise, reaching 38 as of mid-2024. This upward trend positions Cyprus among the euro area’s leaders in financial services density per capita, reinforcing its role as a regional hub for fintech and digital payments.

With card payments continuing to gain traction and a robust financial services ecosystem in place, Cyprus is poised to maintain its leadership in digital payments and cashless transactions well into the future.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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