12° Nicosia,
20 July, 2024

Consumers preferred plastic money over cash this summer

Foreign card purchases increased by 53% from July to September, while Cypriot purchases abroad rose by 45%.

Maria Eracleous

Maria Eracleous

Consumer card usage for purchases is still on the rise. The most recent JCC data, covering Q3 2022, reveals an increase in card usage in Cyprus for both Cypriot and foreign cards. The latter leads to the observation that similar increases were seen in foreign card purchases in Cyprus during the summer months of July through September when tourism significantly increased compared to 2021.

The numbers specifically show a 53% increase in purchases (€558,213,304) and a 50% increase in purchases and withdrawals (€631,163,876) when compared to the same period in 2021.

However, purchases made with Cypriot cards abroad increased as well, with the JCC reporting a 45% increase in purchases and cash withdrawals (€817,055,434) in the previous three months. Plastic money increased by 16% in Cyprus (€1,818,962,983). The mobility of Cypriot cards in the occupied territories was also recorded (€12,967,718), but much less of Turkish cards in Cyprus (€3,522,778). However, the percentage deviation from the same period last year is not provided in this case.

[This article was translated from its Greek original]


Cyprus  |  economy  |  tourism

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