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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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Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

by News Editor

August 17, 2026

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

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IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.