Cyprus made significant strides in reducing its government debt, with the debt-to-GDP ratio falling to 70.5% by the end of the second quarter of 2024, according to Eurostat. This represents the largest decrease in the eurozone, with a 2.1% drop from Q1 2024 and a notable 10% reduction from Q2 2023.
In contrast, both the eurozone and the EU saw slight increases in their debt-to-GDP ratios. The eurozone’s ratio increased to 88.1% (up from 87.8% in Q1 2024), and the EU’s rose to 81.5% (up from 81.3%).
Despite Cyprus’ success, some countries continue to struggle with high debt levels. Greece and Italy recorded the highest ratios at 163.6% and 137.0%, respectively. Meanwhile, Bulgaria and Estonia maintained the lowest ratios at 22.1% and 23.8%.
The eurozone’s government debt is largely composed of debt securities, accounting for 84% of the total, while intergovernmental lending made up 1.5% of GDP.
Cyprus’ impressive debt reduction stands in contrast to the increases seen in countries such as Finland and Austria, demonstrating the country’s effective fiscal management amid global economic pressures.
payabl. Launches Click To Pay With Visa To Help Merchants Improve Checkout Conversion And Reduce Fraud
payabl. has launched Click to Pay with Visa, a new card payment experience designed to help merchants reduce checkout friction, improve authorisation rates, and deliver a faster, more secure online payment journey.
Click to Pay replaces manual card number entry with a token-based checkout experience. Once a customer’s card is enrolled, they can complete purchases in just a few clicks, without re-entering card details. The result is a faster checkout that mirrors the ease of contactless payments in-store, while maintaining strong security standards.
For merchants, the impact is measurable. According to Visa, Click to Pay can deliver up to a 11% uplift in authorisation rates compared to manual card entry, alongside significant fraud reduction through network tokenisation. Faster checkout also helps reduce cart abandonment, particularly on mobile, where typing card details remains a major source of friction.
“With online checkout, every extra step costs conversion,” said Breno Oliveira, Chief Product Officer at payabl.“Visa Click to Pay removes one of the biggest points of friction at the moment of purchase. It helps merchants approve more legitimate transactions, reduce fraud exposure, and give customers the experience they already expect.”
Visa Click to Pay is available through payabl. checkout, enabling merchants to activate the service without additional integration complexity. The solution works across devices and supports existing security flows, including 3D Secure where required.
“Consumers have come to expect a highly personalised, intuitive, and seamless payment experience, whether they’re buying a coffee, shopping online, or applying for a loan. Visa Click to Pay aims to meet these expectations by removing the need to manually enter card details, thus enhancing both security and the consumer experience in online card payments. With the support of network tokens, Visa Click to Pay enabled a more secure and smoother transaction process, available in many countries around the world. According to European VisaNet data, Visa Click to Pay may allow a 4.5% uplift in merchant sales, meaning a possible annual increase of €51 bn in SMB eCommerce sales in the UK and EU,” said Michael Ioannides, Country Manager, Visa Cyprus.
The launch forms part of payabl.’s broader focus on checkout optimisation, helping merchants improve conversion, approvals, and payment reliability at scale. Click to Pay with Visa is now live for eligible merchants across Europe.
Checkout expectations are rising across Europe
Insights from payabl.’s State of European Checkouts report underline why frictionless checkout experiences are becoming a commercial priority. The research found that consumers cite speed (46%), convenience (44%), and security (41%) as the top reasons for choosing a payment method. More than half of consumers (53%) are open to switching to newer payment methods and nearly half (48%) are open to one-click checkouts, provided the solution is backed by a trusted brand such as Visa.
“Checkout is no longer just the final step of a transaction,” said Oliveira. “It is a critical part of the overall customer experience. Our research shows that 43% of European consumers will not return to a site after a poor checkout experience. For merchants across the UK and Europe, that translates directly into lost customers and lost revenue.”
The launch forms part of payabl.’s broader focus on checkout optimisation, helping merchants improve conversion, approvals, and payment reliability at scale. Click to Pay with Visa is now live for eligible merchants across Europe.
Manage Cookie Consent
We use cookies to enhance your browsing experience. By clicking "Accept All", you consent to our use of cookies. Privacy Policy
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
