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Non-cash transactions at €129 billion in the second half of 2024

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Στα €129 δισεκα ομyρισυαγστετ ρηο βμνοThe value of non-cash transactions in the second half of 2023 in Cyprus reached €129 billion, with 152 million transactions, showing an increase of 12% and 15% respectively on an annual basis, showing an increase at a faster rate than the euro zone (- 7% and +7% respectively).</strong></p> <p>Based on the Payments Statistics, published today for the first time by the Central Bank of Cyprus, the value of credit transfers increased by 13% to €106 billion, while the value of direct debits saw a marginal increase of 4%, reaching €2 billion in second half of 2023 compared to the second half of 2022. The value of card payments increased by around 14% to €7 billion, while the value of e-money payments remained relatively flat at €3 billion over the same period .</p> <p>The value of checks remained stable at €11 billion.</p> <p>According to the CBC, credit transfers with 83% are the most popular means of payment in Cyprus in terms of total transaction value, while checks come second by value at 8%, thus confirming their significant presence in the domestic market.</p> <p>In Cyprus, the volume of credit transfers in the second half of 2023 increased by 13% to 23 million, while the volume of direct debits decreased by 4% to 8 million compared to the second half of 2022.</p> <p> < p>The volume of card payments and e-money payments increased by 18% to 111 million and 5 million, respectively, compared to the second half of 2022. The volume of checks decreased by 12% to 3 million, while the remittances showed an upward trend of 19% to reach 2 million for the corresponding period.</p> <p>Higher value payments are mainly made through credit transfers, accounting for 83% of total transactions for the second half of 2023. Checks took second place with a share of 8%, thus confirming their significant presence in the domestic market for the same period.</p> <p>Accordingly, in the euro area, credit transfers accounted for 93% of total transaction value for the second half of 2023, while the second most popular payment method was direct debits with a 5% share.</p> <p>Worth note that the share of checks in the euro area was negligible (less than 1%) for the same period.</p> <p>According to the CBC, in Cyprus there is a clear preference for higher value online card payments rather than physically present (ie in the store).</p> <p>It is noteworthy that, according to the CBC, the average value of online payments with Cypriot cards (€122) was one of the highest in the euro area.</p> <p>The largest amounts spent by Cypriot payment cards concern payments taken for payment institutions and grocery/supermarket payments, which are equivalent to 10% and 9% of the total value of card payments, respectively. Important is the fact that the 8th in value good/service paid with Cypriot cards concerns bets.</p> <p>Cyprus effectively supports contactless technology, since more than 74% of ATMs in Cyprus accept cards with a contactless payment function, while the corresponding percentage in the euro area is equivalent to 29%.</p> <p>At the same time, the second half of 2023, the total number of payment cards increased by 8% reaching 1.9 million compared to the second half of 2022, with an average of 2 payment cards corresponding to each Cypriot citizen.</p> <p>The number of ATMs is stable withdrawals at €2.4 billion</p> <p>The total number of automatic teller machines (ATMs) in Cyprus remained relatively stable from the end of the second half of 2022 (ATMs: 392) to the end of the second half of 2023 (ATMs: 398) an increase of 3% compared to the corresponding period of 2022.</p> <p><noindex></p> <div class=Source: 24h.com.cy

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