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Cypriots Lead Europe In Card Usage, Says CBC Governor

by THEFUTURE.TEAM

January 16, 2025

Cypriots use payment cards 1.3 times more frequently than their European counterparts, with contactless card payments accounting for over half of all transactions since 2022. This was highlighted by the Governor of the Central Bank of Cyprus (CBC), Christodoulos Patsalides, during his address at the 12th Banking Forum and Fintech Expo in Nicosia.

Prioritizing The Digital Economy

Governor Patsalides outlined key CBC priorities, including advancements in the digital economy, the evolution of digital payments, the potential implementation of a digital euro, and regulatory frameworks that balance innovation with governance and societal needs. He stressed that these initiatives aim to strengthen Cyprus’ role in the European financial landscape.

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A Resilient Economy And Banking Sector

Despite geopolitical challenges, the Cypriot economy has shown resilience, achieving robust growth rates above the EU average and maintaining strong fiscal discipline. This has resulted in consistent budget surpluses and upgrades from international rating agencies.

The banking sector also demonstrated resilience, with the Common Equity Tier 1 (CET1) ratio reaching a record 23.5% in Q3 2024—well above the EU average of 16%. Additionally, the Liquidity Coverage Ratio (LCR) stood at an impressive 336%, far exceeding the regulatory minimum of 100% and the European average of 161.4%. Non-performing loans (NPLs) fell to 6.5%, their lowest level since 2014.

However, Patsalides cautioned against complacency, citing macroeconomic uncertainties, geopolitical risks, and emerging challenges such as cybersecurity and climate change. Banks, he added, must adopt innovative business models to remain competitive.

Embracing Innovation In Financial Services

Technologies such as artificial intelligence, cloud computing, digital wallets, and biometrics are transforming the financial landscape, Patsalides noted. While these technologies are already improving customer service, automating payments, and enhancing security, he identified untapped potential in areas like distributed ledger technology (DLT), smart contracts, and tokenization.

Acknowledging the rising risks of cyberattacks, he said that supervising cybersecurity and data protection remains a CBC priority. To foster domestic innovation, the CBC has established an Innovation Hub, facilitating dialogue with fintech stakeholders.

Cyprus’ Leadership In Digital Payments

Digital payments now account for 96% of cashless transactions in Cyprus, with card usage increasing significantly. E-commerce is also on the rise, with online card purchases doubling over six years to comprise 28% of all card transactions. Notably, mobile phone payments now account for nearly a quarter of online purchases, surpassing the EU average of 16%.

The CBC has also introduced instant payment systems, enabling 24/7 transactions with funds available within 10 seconds. Additionally, electronic money (e-money) payments are gaining traction, with the CBC licensing 27 e-money institutions and 11 payment institutions as of 2024.

Digital Euro On The Horizon

Updating on the digital euro, Patsalides revealed that the Eurosystem is advancing its preparation phase. The European Central Bank (ECB) is engaging with market participants and preparing the platform and infrastructure for the potential issuance of the digital euro.

Focus On ESG And Sustainability

Patsalides also addressed the evolving ESG (Environmental, Social, and Governance) regulatory landscape, emphasizing strong governance, transparency, and ethical standards. Social factors like diversity, labour practices, and human rights are increasingly critical for credit institutions, alongside climate-related considerations.

To support these efforts, the CBC has established a Sustainability Team, aligning with its mandate to maintain price stability, safeguard financial stability, and contribute to net-zero carbon emission goals.

By continuing to innovate and adapt, Cyprus is poised to strengthen its position as a leader in the digital economy and financial services, Patsalides concluded.

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Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

by THEFUTURE.TEAM

October 23, 2026

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

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A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.