Cyprus 2017/2018

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Payment Organization

JCC Payment Systems; JCC is owned by five major banks.

Domestic Card Brand

None. 

Market Structure

JCC is the central body in the Cypriot card business market, managing the domestic POS/ATM networks and most acquirer transactions.

The credit card sector has been relatively mature for some years, but debit card use is now higher than credit card use. 

POS payments have outnumbered ATM withdrawals by value and by number. 

Due to the Euro crisis, payments on cards in Cyprus saw a decline by number and by value in 2013-14 while cash withdrawals on cards continued to grow at the same time. 

Around 40,000 Russians live in Cyprus for at least half the year. Thus, Russian language ATMs and POS terminals are provided. 

Economic Adjustment Programme (€10 billion) agreed between the Cypriot authorities and the ‘Troika’; Cypriot bank sector restructured in 2012-13 following the euro crisis. 

Notable Market Trends

Contactless cards, MPOS terminals, QR-codes, no NFC pilot.

Statistical Key Figures for 2016 provided in this profile:

UPDATED: tables with card business data 2012-2016; growth rates: Y-o-Y, CAGR

Population, Cards per Capita, Card Value per Capita

Debit Cards, Credit/Delayed Debit Cards, Total Cards

Card payments by number and by value, ATV per card, payments per card/year

ATMs, POS terminals, ATMs/POS terminals per 1 million capita

ATM withdrawals by number/by value, ATV per withdrawal, TXs per ATM/month

POS payments by number/by value, ATV per POS payment, TXs per POS/month

Internet Use, e-payment mix, B2C e-Commerce by value and growth rate

Issued Card brands by individual major issuer bank

Accepted card brands by individual major acquirer

Drill down into the debit card use and credit cards use details

Product information

Digital product provided in PDF format. You will receive a download link to a zip file containing your files after checkout. 

Version

1.0.0 last updated 2nd December 2017