articles | 07 October 2019

Cyprus credit card spending drops 11% in September 2019

Cyprus credit card transactions in September 2019 decreased by 11%, reflecting stable consumer confidence while there were fewer online payments to the state.

According to new JCC data, the value of Cyprus credit card transactions in the domestic market decreased by 11% in September to €275 million compared to last year.

The monthly decrease for local cards in Cyprus is mainly affected by decreases in Government Sector payments to the Inland Revenue Department compared to the previous month.

In the first nine months (January to September) €2.9 billion was spent using credit cards, an increase of 14% annually.

As the year draws to an end the annual increase of card use may not follow last year’s trend when an overall 33% hike was recorded in 2018.

The sectors that witnessed the largest volumes were supermarkets, utilities, restaurants, bars and hotels and professional services.

Meanwhile, there was a decline in plastic money spent for payments to the government and at Do-It-Yourself & Household stores.

Sales and cash withdrawals of Cypriots with credit cards abroad, including online purchases, was up 13% to €162.8 million in September.

Foreign card transactions (sales) increased 10% in September to €159.5 million – for the year to date it was also up 16% to €1.18 billion.

Cyprus cards used in Turkey and the occupied north of the island reached €2.3 million in September and a combined €20.1 million for the first nine months.

The use of local cards in Turkey amounted to €541,994 in September and €4.45 million in the first nine months.

Transactions with Turkish cards in the Cyprus Republic stood at €1.56 million for the month and at €12.97 million from January to September.

Source: Financial Mirror

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