Digital payment transactions surge in Cyprus and the eurozone

Digital payment usage is increasing rapidly across the eurozone, with 77.7 billion non-cash transactions recorded in the first half of 2025. This figure represents a 7.7 percent increase compared to the same period in 2024. Card payments remain the primary method of electronic payment, accounting for 57 percent of all transactions, while contactless payments saw a 12.8 percent year-on-year rise to 29.6 billion. Cyprus has outperformed the eurozone average, with card payments representing 74.5 percent of all cashless transactions in the country. This trend is driven by the broader digitalization of the economy, the rise of fintech startups, and increased investment from traditional banks into mobile services. The European Central Bank emphasizes that this transition toward digital finance, including the development of the digital euro, must be supported by robust cybersecurity and consumer protection measures. In Cyprus, the Central Bank is actively monitoring these shifts to establish a safe operational framework for the evolving financial ecosystem.