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Payment Organisations
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.
Emerging Open banking ecosystem.
Notable Market Trends
Contactless cards, MPOS terminals, QR-codes, no NFC pilot.
Statistical Key Figures for 2018 provided in this profile:
• UPDATED: tables with card business data 2014-2018; 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 last updated 13th January 2020
