Cyprus
Cyprus, a high-income country in the EU, has a service-based economy with significant contributions from tourism, financial services, and shipping. Despite facing economic challenges in recent years, Cyprus is expected to experience moderate growth in 2024.
In 2023, Cyprus’s real GDP growth moderated to 2.5%, driven by domestic demand, particularly consumption, due to increasing employment and disposable incomes amid decreasing inflation. The economy is projected to grow by 2.8% in 2024 and 2.9% in 2025, supported by strong domestic demand and investments in major construction projects. Inflation is expected to decrease from 3.9% in 2023 to 2.4% in 2024 as energy and food prices moderate. The unemployment rate, which was 6.1% in 2023, is forecast to decline to 5.6% in 2024 and 5.4% in 2025.
Cyprus's government budget remains in surplus, with a surplus of 3.1% of GDP in 2023. The surplus is projected to be 2.9% of GDP in 2024, driven by increased public wages and social spending, offset by strong revenue growth from consumption and wages.
Top banks
Bank of Cyprus
Bank of Cyprus As one of the largest banks in Cyprus, the Bank of Cyprus offers a wide range of financial services to individuals and businesses.
Hellenic Bank
Hellenic Bank provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
Eurobank Cyprus
Eurobank Cyprus is a significant player in the Cypriot banking sector, offering various financial services and maintaining a strong market presence.
Alpha Bank Cyprus
Alpha Bank Cyprus offers a variety of banking and financial services, focusing on both retail and corporate clients.
Top payment methods
Cash (Μετρητά)
Cash remains a widely used payment method in Cyprus, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash continues to be an important part of the economy.
Concluding remarks
The Cypriot economy is poised for recovery, supported by a diverse payment landscape and a robust financial sector. As the country navigates through economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Μετρητά)
Cash remains a widely used payment method in Cyprus, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash continues to be an important part of the economy.
Credit and Debit Cards
The use of credit and debit cards is extensive in Cyprus, with major card networks like Visa and MasterCard widely accepted. The adoption of contactless payment methods has been particularly strong, driven by convenience and technological advancements.
Bank Transfers (Τραπεζικές Μεταφορές)
Bank transfers are commonly used for larger transactions, such as rent payments and business dealings. SEPA (Single Euro Payments Area) transfers facilitate cross-border payments within the Eurozone, as Cyprus uses the euro (EUR).
Mobile Payments
Mobile payment options, such as Apple Pay, Google Pay, and local apps, are gaining popularity. These methods provide a convenient way to make payments using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and PayU are widely used for eCommerce transactions. These platforms offer secure and efficient ways to pay for goods and services online, supporting the growth of the digital economy.
Prepaid Cards
Prepaid cards are popular among younger individuals and those who prefer not to use traditional banking services. These cards can be used for online shopping and everyday purchases.
Cryptocurrencies
Cryptocurrencies are slowly being adopted, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving to accommodate the use of digital currencies, though widespread acceptance is still developing.
About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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