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, in 2014, payments on cards use in Cyprus saw a decline by number and by value while cash withdrawals on cards grew significantly 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.
Updated Information About:
Major Issuers, Major Acquirers, Major Processors and Consumer Finance indicator.
Statistical Key Figures for 2015 provided in this profile:
- UPDATED: tables with card business data 2011-2015; 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
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Version
1.1(090117) last updated 9th January 2017
