atm withdrawals — atm withdrawals — Withdrawals from Cyprus’ 405 automated teller machines (ATMs) hit €2.5 billion in the first half of 2025, according to the Central Bank of Cyprus (CBC). This increase in value is attributed to higher average transactions, even as the total number of withdrawals has decreased compared to the same period in 2024.
The CBC reported a decline in the overall volume of cash withdrawals, highlighting a significant shift in consumer behaviour. While fewer transactions are occurring, the average amount taken out has been on the rise. Between the first half of 2022 and the first half of 2025, the average cash withdrawal surged by 28 per cent, climbing from €291 to €372.
This trend illustrates that consumers are opting to withdraw larger sums less frequently. The increased reliance on higher-value withdrawals comes amidst a broader shift towards digital payments in Cyprus.
Atm withdrawals: Contactless Payment Adoption Outpaces Euro Zone
Cyprus is leading the way in contactless payment infrastructure, with more than 70 per cent of its ATMs accepting contactless cards. This figure stands in stark contrast to the euro zone average of just 34 per cent, showcasing the island’s commitment to modernising its payment systems.
The number of payment cards in circulation has also seen an impressive year-on-year increase of 7 per cent, reaching approximately 2 million in the first half of 2025. This equates to about two cards for every resident of Cyprus, further emphasising the shift towards a cashless society.
Card Payments Dominate Transactions
Payment cards have become the predominant method of payment in Cyprus, accounting for an impressive 75 per cent of total transaction volume. The popularity of card payments places Cyprus second in the euro zone for the frequency of card usage, only behind Portugal.
Among payment cards, debit cards are the most commonly held, with residents 85 per cent more likely to have a debit card than a credit or post-charge card. VISA and Mastercard, widely issued by banks in Cyprus, remain the preferred choices for consumers.
Spending Patterns in Cyprus
The average transaction at physical point-of-sale terminals in Cyprus stands at €37, which is notably higher than the euro zone average of approximately €33. This difference reflects a more robust consumer spending behaviour in the country.
Online transactions have demonstrated a particularly striking trend, with the average online payment in Cyprus reaching €125. This figure is more than double the euro area average of €60, indicating that Cypriots are increasingly making higher-value purchases through digital platforms.
