articles | 14 May 2014

Credit card payments up by 12% in April 2014

Credit card payments made by Cypriots in the local market increased by 12% in April 2014, compared to a year earlier, and reached €168,5 million.

JCC said the high increase is attributed to the fact that transactions in the same period last year were affected by the financial crisis, the bail in of uninsured deposits and the capital controls.

In particular there was an increase in payments in clothing, shoes and accessories stores, supermarkets, household stores, restaurants, bars and catering, while a decrease affected the government sector.

The use of cards in Cyprus was up by 7% in the period January-April, reaching €729,3 million, compared with the same period in 2013.

Payments made by Cypriots with local cards abroad in April 2014 went up by 2%, to €91,3 million, but there was a decrease of 20% from January to April, compared with the same period last year, with transactions reaching €368,1 million.

Foreigners’ payments with cards in Cyprus increased by 23% in April and reached €44,4 million, whereas there was an increase of 19% in the first four months of the year, with transactions reaching €129 million.

Source: Famagusta Gazette

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