Cyprus sees record decline in ATMs alongside surge in digital payments

According to the Central Bank of Cyprus October 2026 Statistical Bulletin, the nation is undergoing a structural shift toward a digital economy, resulting in a historic reduction of physical banking infrastructure. As of December 2025, the number of active ATMs in Cyprus reached a record low of 396, reflecting a 4.8 percent decrease from the 416 units recorded in June 2022. Commercial banks are actively closing cash withdrawal points to minimize operating costs as public demand for physical cash continues to decline.

Conversely, the use of plastic money has grown significantly. Between June 2022 and December 2025, the number of active payment cards rose by 33.8 percent, increasing from 1,659,011 to 2,220,202 cards. Data from the second half of 2025 indicates that payment cards accounted for 75 percent of total transactions by volume, primarily for small purchases at retailers and gas stations. However, in terms of monetary value, credit transfers via e-banking dominate the landscape, representing 84 percent of all transactions, while card payments account for 6 percent and checks for only 1 percent.