A recent study highlights a significant shift in Cypriots’ payment preferences, with a marked increase in contactless payments. This trend, driven by convenience and security, underscores the growing digitalisation of financial transactions in Cyprus.
Contactless payments have become the preferred method for many Cypriots, especially for everyday transactions like retail purchases and dining. The convenience of tapping a card or smartphone and the reduced physical contact, accelerated by the COVID-19 pandemic, are key factors.
Cypriot banks have facilitated this transition by upgrading payment infrastructure and promoting contactless benefits. Many now offer contactless-enabled cards as standard, and there has been a rise in contactless payment terminals across the island. Enhanced security features, such as encryption and tokenisation, reduce fraud risks, adding to their appeal.
Digital wallets and mobile payment solutions like Apple Pay and Google Pay have further driven adoption. These platforms allow quick, secure payments via smartphones, resonating with tech-savvy consumers.
This shift reflects broader trends in digitalisation and financial innovation in Cyprus. As consumers seek more convenient and efficient services, businesses offering contactless payment options are likely to see increased satisfaction and loyalty.
However, ensuring accessibility for all, including the elderly and less tech-savvy, is essential. Financial institutions and businesses must provide education and support to help all consumers benefit from digital payments.
