Payments and e-commerce in Cyprus

Discover how Cypriots like to shop and pay online

Cyprus

General Information

  • Population 1.2 m
  • Population 15 + 1.0 m
  • Online Population 1.1 m
  • Area 9,251 km2
  • Currency EUR
  • GDP 27.6 bn $US
  • GDP per Capita 22,843 $US
Banked population
  • Cyprus 90%
  • Eastern Europe & the CIS 72%
  • World 67%
Credit card penetration
  • Cyprus 24%
  • Eastern Europe & the CIS 22%
  • World 19%
Internet penetration
  • Cyprus 88%
  • Eastern Europe & the CIS 76%
  • World 62%
Smartphone penetration
  • Cyprus 88%
  • Eastern Europe & the CIS 62%
  • World 70%

Almost 90% of Cypriots use the Internet and more than two thirds of adults in Cyprus shop online [1]. At least a fifth of all enterprises in Cyprus now derive 1% or more of their total income from online sales, a considerable rise over the last few years [2]. The things Cypriots most like to buy online are furniture, food and electronic devices [3]. 

Almost two thirds of adults in Cyprus use online banking, higher than the average for the EU as a whole [4]. Over 90% of the population has a bank account. The market for digital payments is expected to grow by 16% a year between 2022 and 2027 [5]. Any e-commerce strategy for Cyprus should include a plan for the integration of local and alternative payments into the checkout. 

  1. https://www.statista.com/outlook/dmo/ecommerce/cyprus
  2. https://ec.europa.eu/eurostat/databrowser/view/isoc_ec_eseln2/default/table?lang=en
  3. https://www.eworldtrade.com/blog/top-selling-products-in-cyprus-online-2022
  4. https://www.financialmirror.com/2022/10/25/internet-banking-social-media-use-above-eu-average
  5. https://www.statista.com/outlook/dmo/fintech/digital-payments/cyprus

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Cyprus

Local Payment Methods

BitPay Type Cryptocurrency Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysafecard Type Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Paysafecash Type Cash Regions Eastern Europe & the CIS, North America + 1 Paysera Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SEPA Direct Debit Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Trustly Type Bank transfer Regions Eastern Europe & the CIS, North America + 1 Market relevance High TrustPay Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High UnionPay SecurePay Type Local payment card Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Apple Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Amazon Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, North America + 1 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High DaoPay Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SEPA Credit Transfer Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium SEPA Instant Credit Transfers (SCT Inst) Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance Medium Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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