Card payments drop in November on IPT discount, JCC says

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By Stelios Orphanides

The value of transactions with of plastic money dropped in November an annual 5 per cent to €193.3m mainly on reduced property tax payments, payment processing joint venture JCC Payments Systems Ltd said on Thursday.

The November drop, the second in two months, had little impact on overall payments with plastic money in the first eleven months of this year, which rose 4 per cent to over €2.1bn, JCC said in an emailed statement.

Tourists spent in buying products or services in Cyprus €51.7m in November, a 22 per cent increase on November 2015 figures, and their total spending since January rose 13 per cent to €733m, JCC said.

On the other hand, the value of purchases and cash withdrawals of Cypriots abroad rose an annual 20 per cent to €128.9m in November, JCC said. From January to November, Cypriots used their cards for purchases or cash withdrawals worth €1.3bn, which is 18 per cent more compared with the respective period last year.

In November, holders of Cypriot cards spent €608,632 for purchases in the Turkish-held areas of the island and €241,790 in Turkey, JCC said. From January to November, the respective amounts were €6.7m and €2.9m.

Holders of Turkish cards spent €2.1m in November and €23.6m in the first eleven months of the year, JCC said.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]