Payment methods in Cyprus

Cards and cash are the most common payment methods in Cyprus. There are around 1.01 debit cards and 0.23 credit cards per capita. Over the last decade, debit card use has steadily climbed while credit cards are decreasing in popularity. Older generations tend to use cash more for smaller purchases. In general, cash payments made in person have fallen over the last few years. Cypriots pay for bills or larger transaction amounts via internet banking or direct debit. Mobile payment options are becoming more widely used, particularly amongst younger, more tech-savvy people.