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Cyprus Leads The Eurozone In Card Payments As Digital Transactions Surge

by THEFUTURE.TEAM

July 24, 2026

Cyprus recorded the highest share of card payments in the euro area during the second half of 2025, with cards accounting for 75% of all cashless transactions, according to the latest payment statistics from the Central Bank of Cyprus. Credit transfers ranked second at 16%, highlighting the country’s continued shift toward digital payments.

Cards Dominate Everyday Spending

The report, published on Wednesday, found that card use in Cyprus continues to outpace the euro-area average. Cards accounted for 57% of cashless transactions across the bloc, compared with 21% for credit transfers.

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The central bank attributed the growth to the spread of contactless payments, expanding e-commerce and wider merchant acceptance.

Online Payments Carry Higher Values

The average in-store card payment in Cyprus was about €38, while the average online transaction reached €129. Across the euro area, the averages were €33 and €60, respectively.

Although physical purchases remained more common, Cyprus ranked among the euro area’s higher-value online card payment markets.

Credit Transfers Lead By Value

Credit transfers accounted for 84% of the total value of cashless payments, reflecting their use for higher-value transactions.

Cheques remained the second-largest payment instrument by value, mainly because of their continued use in business transactions and property deals.

The report also found that instant credit transfers have expanded rapidly in Cyprus, with adoption now exceeding the euro-area average following the implementation of the EU regulation.

Cross-Border Card Use Remains Strong

Domestic transactions represented around 70% of both the number and value of payments. Cards, however, recorded the highest level of cross-border activity, with international transactions accounting for 45% of card payments by volume and 56% by value.

Spending Patterns

Payments to payment institutions accounted for the largest share of card spending at €1.087 billion, followed by government services (€832 million) and grocery purchases (€745 million).

Spending on broker and securities dealer services more than doubled over the past three years, reflecting increased investment-related card use and the strong presence of Forex and CFD firms in Cyprus.

Contactless Payments And ATMs

More than 73% of ATMs in Cyprus support contactless transactions, well above the euro-area average of 38%.

Although the number of ATMs has fallen by around 13% over the past five years, cash withdrawals remained steady at about €2.6 billion in the second half of 2025. The average withdrawal reached a record high as consumers made fewer but larger withdrawals, while counter withdrawals continued to decline.

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Retail’s AI Push Faces A Cybersecurity And Regulatory Reality Check

by THEFUTURE.TEAM

October 19, 2026

Artificial intelligence is becoming a strategic priority for retailers, with 80% of retail leaders planning to increase investment in the technology, according to EY’s latest CEO Outlook Survey. However, growing concerns over cybersecurity, customer privacy and regulation could complicate adoption across an industry already facing inflation, geopolitical uncertainty and changing consumer expectations.

Confidence In AI Comes With Risks

The survey found that 80% of retail leaders are confident in their ability to expand the responsible use of AI and customer data. Retailers are increasingly applying the technology to demand forecasting, inventory management, customer service and personalised marketing, seeking to improve efficiency and respond more quickly to market changes.

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Yet adoption brings new vulnerabilities. EY found that 24% of retail leaders identified cybersecurity and data privacy as a leading business risk for the year ahead. Retailers manage sensitive customer information, payment systems and complex supply chains, making effective security and governance essential as AI becomes more deeply embedded in their operations.

The World Economic Forum’s Global Cybersecurity Outlook 2026 highlights the wider challenge: 87% of organisations reported rising cyber risks linked to AI vulnerabilities, while 94% expected malicious AI to have a significant impact on cybersecurity in 2026.

Regulation Will Shape AI Adoption

Regulatory frameworks are also influencing how quickly retailers can expand their use of AI. The European Union’s AI Act, China’s state-led governance model and measures introduced by individual US states are shaping the rules around the technology.

For retailers, compliance is becoming a strategic consideration, particularly for customer-facing applications that use personal data to personalise offers, automate interactions or analyse consumer behaviour. Regulatory missteps could carry significant costs in a sector where customer trust is critical.

EY Outlines Four Possible Futures

EY recommends that retailers plan for multiple outcomes rather than assume the current investment boom will continue uninterrupted. Its analysis draws on a four-scenario framework developed by Jim Dator of the University of Hawaii.

One scenario envisages constrained AI adoption as economic pressures, regulation, cyberattacks, legacy systems and poor data quality limit progress. Retailers in this environment may prioritise lower-risk back-office applications, such as finance, procurement, inventory and logistics, while customer-facing tools face resistance.

A second scenario anticipates continued growth, with sustained investment and widespread adoption. A third envisages deeper economic and social transformation as technology reshapes business operations. The fourth considers systemic breakdown, in which a small number of technology platforms control access to AI models and charge premium prices, potentially making advanced capabilities less accessible even to large retailers.

Governance Will Determine Competitive Advantage

EY’s findings suggest that investment alone will not determine which retailers benefit most from AI. Companies will also need robust cybersecurity, effective governance and strategies that can adapt to different economic, technological and regulatory conditions.

For a sector operating on tight margins, the challenge is to turn AI investment into lasting business value while managing the risks that come with greater dependence on the technology.