Breaking news

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.

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

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.

The Future Forbes Realty Global Properties

Only 1% Of Cyprus Farms Use Precision Farming Technologies

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

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

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.