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Payment Cards In Cyprus: A Growing Preference For Debit Cards

by THEFUTURE.TEAM

August 5, 2024

Recent data reveals a significant trend in the payment habits of Cypriots, highlighting a preference for debit cards over credit cards. On average, each Cypriot owns two payment cards, reflecting a broader shift towards more financially conservative spending practices.

Key Findings

Card Ownership: The average Cypriot holds two payment cards.
Debit Card Preference: There is a noticeable trend towards favouring debit cards over credit cards. This preference is driven by the immediate deduction of funds from the user’s bank account, which helps in avoiding the accrual of debt associated with credit cards.

Implications

The increasing adoption of debit cards signifies a growing inclination towards financial prudence and risk aversion among Cypriots. This behavioural shift has important implications for the banking and financial services sector, potentially prompting banks to enhance the features and benefits associated with debit cards to meet customer demand.

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Financial Behaviour

The preference for debit cards suggests a conscientious approach to financial management. By relying more on debit cards, Cypriots are prioritising immediate payment capabilities and avoiding the risks associated with deferred payments and interest accrual on credit cards. This shift is indicative of a broader trend towards fiscal responsibility and cautious spending.

Impact on Financial Services

The trend towards debit card usage over credit cards could lead to changes in the financial services industry. Banks and financial institutions may need to adjust their strategies, offering more attractive features and incentives for debit card users. This could include enhanced security measures, rewards programs, and better customer service to cater to the growing demand.

The payment card landscape in Cyprus is evolving, with a clear move towards debit cards as the preferred method of payment. This shift reflects a broader trend of financial prudence and risk aversion, indicating that Cypriots are becoming more cautious with their spending habits. Financial institutions will need to adapt to these changing preferences, ensuring that their services align with the needs of a more financially conservative customer base.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.