Annual number of credit card transactions in Cyprus 2000-2023, per capita
The number of times a consumer in Cyprus used a credit card for payments declined by three million transactions between 2020 and 2022. That said, the use of credit cards was relatively high when compared to other countries in Europe. Credit card use per capita in Bulgaria, for instance, was about three times less than what was seen on the Mediterranean island. In 2020, credit card payments in Cyprus reached a total value of approximately 1.46 billion euros.