Payment methods in Cyprus
E-commerce market estimated at ~$0.94B in 2024, growing at 9.33% CAGR toward $2.5B by 2035
Market takeaways
- E-commerce market estimated at ~$0.94B in 2024, growing at 9.33% CAGR toward $2.5B by 2035
- Credit cards ($993M) and digital wallets ($737M) are the two leading payment method categories
- 25% of card purchases already originate from mobile phones, reflecting strong smartphone commerce
- Cyprus has the highest enterprise e-commerce web sales ratio in Europe at 7.08% of turnover
- Digital payments market projected to grow 9.85% annually through 2028
Population
1.3M
Online population
~1.1M (~85%)
B2C e-commerce
~$0.94B (2024 est.)
Banked population
~90%
Credit card population
~70%
E-commerce of total retail
~7%
Payment method breakdown
- Card55%
- E-Wallet30%
- Bank Transfer8%
- Cash on Delivery5%
- Other2%
Card scheme breakdown
- Visa48%
- Mastercard44%
- American Express6%
- Local Schemes1%
- Other1%
Cross-border e-commerce
Market data coming soon.
Featured payment methods in Cyprus
Popular options based on coverage and prominence in this market.
SEPA Bank Transfer
As a eurozone EU member, Cyprus fully participates in SEPA. Bank transfers are used for bill payments and higher-value online purchases. Instant payment capability is increasingly available through Cypriot banks.
Cash on Delivery
A residual preference among some consumers, particularly for first-time buyers or high-value goods where inspection before payment is preferred. Usage is declining as digital payment trust grows.
Digital Wallets (PayPal, Apple Pay, Google Pay)
Digital wallets represent the second-largest payment category at ~$737M. PayPal is widely used for cross-border shopping, while Apple Pay and Google Pay have grown strongly with smartphone commerce reaching 25% of card transactions.
Credit Cards (Visa / Mastercard / Amex)
The leading e-commerce payment category with ~$993M valuation in 2024. All major card networks are widely accepted. Cyprus's high-income population and financial sector orientation drive above-average credit card ownership.
All payment methods in Cyprus
Discover 4 payment methods from around the world
Featured banks in Cyprus
Major institutions operating in this market.
National Bank of Greece (NBG)
Athens, Greece
National Bank of Greece (NBG) is Greece's oldest bank and one of the country's four systemic banks, providing retail, corporate, and investment banking.
Alpha Bank
Athens, Greece
Alpha Bank is one of Greece's four systemic banks, offering retail, corporate, and investment banking in Greece, Cyprus, Romania, Bulgaria, and other markets.
Piraeus Bank
Athens, Greece
Piraeus Bank is one of Greece's four systemic banks, offering retail and corporate banking. It has been undergoing significant restructuring following the Greek financial crisis.
Eurobank
Athens, Greece
Eurobank is one of Greece's four systemic banks, with operations in Bulgaria, Serbia, Cyprus, Luxembourg, and London, offering retail and corporate banking.
Bank of Cyprus
Nicosia, Cyprus
Bank of Cyprus is the largest bank in Cyprus, offering retail, SME, and corporate banking in Cyprus, the UK, and internationally.
Hellenic Bank
Nicosia, Cyprus
Hellenic Bank is Cyprus's second-largest bank, offering retail, commercial, and private banking.
All banks in Cyprus
Showing 8 of 8 banks
