Panayiotis Rougalas
Digital transactions have surged in Cyprus, following the global trend and increasingly replacing payments made in cash or by check.
The latest survey by the Central Bank of Cyprus, published at the end of July 2026 and covering the second half of 2025, shows that customers of Cypriot banks are turning to digital channels.
The total volume of noncash payments in Cyprus increased by 8% compared with the same period in 2024, reaching 174 million transactions in the second half of 2025. Their total value rose by 9% to €148 billion.
Across the eurozone, the volume of noncash payments also increased, rising by 7% to 83 billion transactions during the second half of 2025. Their total value, however, remained relatively stable at €118 trillion.
Data obtained by “K” from Cyprus’ two major banks, Bank of Cyprus and Eurobank, not only confirms the growing use of digital banking but indicates that the trend has continued into 2026.
At Bank of Cyprus, the Digital Transaction Ratio reached 96.99% at the end of June 2026, up from 96.63% a year earlier. This means that almost all transactions are now carried out through digital channels.
A similar picture is emerging at Eurobank Ltd., where 96.5% of transactions are conducted through alternative service channels, including digital platforms and ATMs. Just 3.5% are carried out at bank branches.
During the first four months of 2026, 93% of Eurobank’s SEPA, SEPA Instant and SWIFT transfers were made digitally, compared with only 7% at branches. Digital transfers accounted for 95% of the total in 2025.
Meanwhile, 97% of withdrawals are now made through ATMs rather than at branches, while nearly 90% of deposits are also completed through ATMs.
Digital users on the rise
Bank of Cyprus data obtained by “K” shows that the number of active digital users reached 522,000 on July 31, 2026, up from 496,000 in July 2025 — an annual increase of 5.2%.
An active digital user is defined as a customer who has logged into internet banking or the bank’s mobile application at least once during the previous three months.
The total volume of noncash transactions in Cyprus rose by 8%, reaching 174 million during the second half of 2025.
Eurobank has also recorded an increase in digital customers. Its number of active digital users has reached 323,000, representing a total increase of 21.9% since 2024.
Eurobank’s digital customer base is growing by about 2,150 new users each month, equivalent to an annual increase of 9%.
According to Bank of Cyprus, the number of active QuickPay users rose to 262,000 at the end of July 2026, up from 243,000 in the same period last year, an increase of 7.8%.
The value of QuickPay transactions increased even faster, reaching €598.2 million compared with €517.8 million in July 2025, an annual rise of 15.5%.
Moving towards a cashless model
Transactions at Eurobank are increasing at a rate of more than 15% a year, while the use of physical branches has fallen sharply.
In 2024, around 4.7% of transactions were conducted at branches. So far in 2026, that figure has dropped to 3.5%, with more than 96% of transactions now completed through digital channels and ATMs.
Card payments at points of sale continue to rise, accounting for 68.5% of all relevant transactions, compared with 63.9% in 2024.
Cash withdrawals, meanwhile, are falling both in value and as a share of overall transactions, pointing to a broader shift towards a cashless banking model.
Loans through banking apps
Digital lending is also gaining ground.
At Bank of Cyprus, the total value of QuickLoans rose from €79.9 million in 2023 to €158 million in 2024 and €228.4 million in 2025.
Financing through QuickCars increased from €2.8 million in 2023 to €15 million in 2024 and €30.5 million in 2025.
QuickCards rose from €5.9 million in 2023 to €11.9 million in 2024 and €17.1 million in 2025. Quick Overdrafts increased from €1.8 million in 2023 to €2.9 million in 2024 and €3.6 million in 2025.
Customers can also apply for several banking products through the Eurobank Cyprus app. These include personal loans, credit cards and overdraft accounts.
For personal loans of up to €10,000, approval and payment of the funds can be completed immediately, helping customers cover urgent or unexpected financial needs.
Checks fading away
Efforts by banks to reduce the use of checks since 2016, combined with the wider shift towards digital banking, appear to have led to a sharp drop in check transactions.
The number of bounced checks issued in July 2026 was nearly half that recorded during the same month last year, according to the latest Central Bank figures.
A total of 16 bounced checks, worth €40,799, were recorded in July 2026. That compares with 30 bounced checks worth €42,715 in July 2025 and 36 checks with a total value of €60,416 in July 2024.
