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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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EU Farm Output Prices Decline For The First Time In Nine Months

by THEFUTURE.TEAM

March 12, 2026

EU Market Adjustments Signal New Price Trends

Agricultural output prices across the European Union declined in the fourth quarter of 2025, marking a shift after several quarters of increases. Data from Eurostat shows that farm gate prices fell by 1.9% compared with the same period in 2024.

Crisis of Declining Prices In Select Markets

Cyprus recorded one of the more notable decreases in agricultural input costs among EU member states, with prices falling by 2.6% compared with Q4 2024. The reduction eased cost pressures for the local agricultural sector following periods of higher prices earlier in 2025. Across the EU, prices for goods and services consumed in agriculture remained relatively stable. Non-investment inputs such as energy, fertilisers and feedingstuffs showed limited overall changes during the quarter.

Country-Specific Divergence In Price Movements

Eurostat data highlights considerable variation across member states. Fifteen EU countries recorded declines in agricultural output prices. Belgium registered the largest decrease at 12.9%, followed by Lithuania (8.2%) and Germany (6.0%). At the same time, twelve countries reported increases in output prices. Ireland recorded the strongest rise at 6.8%, followed by Slovenia (5.6%) and Malta (4.2%).

Stability In Agricultural Inputs Amid Commodity Shifts

Agricultural input prices also showed mixed developments. Eleven member states recorded declines, including Cyprus (2.6%), Belgium (2.1%) and Sweden (2.0%). Other countries experienced moderate increases, including Lithuania (4.2%), Ireland (3.3%) and Romania (2.5%). Among major agricultural commodities, milk prices declined by 4.1% while cereal prices fell by 8.9% across the EU. In contrast, fertilisers and soil improvers increased by 7.9%, reflecting continued volatility in input markets.

Outlook For EU Agriculture

The latest Eurostat data points to uneven price developments across the EU agricultural sector. While input prices remained broadly stable in many markets, movements in output prices varied significantly between member states. These trends highlight the need for farmers and policymakers to adapt to shifting commodity prices and changing cost structures across the European agricultural market.