Growth in Cyprus credit card payments accelerates

Spending abroad rises fastest and highest

The growth of credit card payments accelerated in the first eight months of 2006 compared with the same period of 2005, according to data from the credit card agent JCC Payment Systems Ltd.

Payments by Cypriots within Cyprus rose by 17% year on year in January-August 2006, to reach CYP 486 mln. This was higher than in Jan-Aug 2005, when payments rose by 10% to reach CYP 415.8 mln. In 2004, they rose by 14% to reach CYP 378.6 mln.

But it was payments by Cypriots abroad which rose the fastest. These rose by 26% year on year in Jan-Aug 2006, to reach CYP 140.7 mln. In the same period of 2005, payments abroad rose by 16% to reach CYP 111.9 mln. In 2004 they rose by 11% to reach CYP 96.5 mln.

Payments by tourists in Cyprus rose less quickly. In Jan-Aug 2006 they rose by 6% year on year to reach CYP 167.8 mln. This was the same pace of growth as in 2005, when they reached CYP 158.5 mln.

Tourists are spending more per transaction

Average spending per transaction by Cypriots in Cyprus has remained steady over the past few years at CYP 40-41. However, spending abroad has fallen from an average CYP 94 in Jan-Aug 2004 to CYP 91 in Jan-Aug 2006, possibly because of a rise in the value of the Cyprus pound.

The good news is that tourists are spending more per transaction: up to CYP 86 in Jan-Aug 2006, compared with CYP 80 in 2004.

Fiona Mullen