ECONOMY: Cyprus credit card spending up 6% in August to EUR 422 mln

Cyprus credit card transactions in August increased 6%, reflecting steady consumer confidence 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 6% in August to €421.85 mln compared to last year.

In the first eight months (January to August) €2.628 bln was spent using credit cards, an increase of 17% annually. This follows on from an overall 33% hike in 2018.

The sectors that witnessed the largest volumes were government payments, supermarkets, utilities,  restaurants, bars and hotels.

Meanwhile, there was a decrease in plastic money spent at Do-It-Yourself & Household stores.

Government sector payment increases were due to Inland Revenue Department payments and without these payments, the total monthly increase would be 8% for August.

Sales and cash withdrawals of Cypriots with credit cards abroad, including online purchases, was up 13% to €176.2 mln in August.

Foreign card transactions (sales) increased 12% in August to €174.9 mln – for the year to date it was also up 15% to €843 mln.

Cyprus cards used in Turkey and the occupied north of the island reached €2.8 mln in August and a combined €17.8 mln for the first eight months.

The use of local cards in Turkey amounted to €725,228 in August and €3.9 mln in the first eight months, while transactions with Turkish cards in Cyprus stood at €1.77 mln for the month and at €11.4 mln from January to August.