Payments and e-commerce in Cyprus

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