CYPRUS: Credit card transactions up 8% in May to EUR 270 mln

An upward trend in credit card transactions continued during May with an 8% increase, reflecting the recovery in consumption, while tax and other online payments to the state played a significant part in the upswing.

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According to new JCC data, the value of Cyprus credit card transactions in the domestic market increased by 8% in May to €270 mln compared to last year. This follows on from an overall 33% hike in 2018.

In the first five months (January to May) €1.49 bln was spent using credit cards, an increase of 26% compared to the same period last year.

The sectors with the largest volumes were government payments, utilities, supermarkets, restaurants, bars.

Meanwhile, there was a decrease in plastic money spent on airline tickets and household appliances.

Government sector increases were due to the Inland Revenue Department payments and without these payments, the total monthly increase would be reduced to 6% for May.

Sales and cash withdrawals of Cypriots with credit cards abroad, including online purchases, was up 7% to €158.08 mln in May.

Foreign card transactions (sales) increased 14% in May to €118.7 mln – for the year to date it was also up 20% to €411.57 mln.

Cyprus cards used in Turkey and the occupied north of the island reached €1.84 mln in May and a combined €7.7 mln for the first five months.