Plastic money transactions up 12% in June, JCC says

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By Stelios Orphanides

The value of transactions using plastic money rose an annual 12 per cent in June to €230.4m, JCC Payment Systems Ltd, a joint venture of Cypriot banks, said.

In the first half of the year, total transactions rose also 12 per cent to €1.3bn compared to the respective period last year, JCC said in an emailed statement on Monday.

The value of purchases and cash withdrawals abroad by holders of Cypriot cards rose an annual 10 per cent to €128.7m last month and 12 per cent to €745.8m in the first six months of the year, JCC said. Tourists spent €98.9m last month on credit cards and €392.2m in the first half of 2017, which is in both cases is 22 per cent higher compared to the respective period last year.

The value of payments in the Turkish occupied area of Cyprus and Turkey processed by JCC was €709,083 and €320,938 last month and €4.3m and €1.4m in January to June respectively, JCC said. Holders of Turkish cards spent €2.5m last month and €12.5m in the first half of the year.

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About Author

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

  • Eye on Cyprus

    It would be very interesting to know how much of the spending is for convenience (i.e.: paid in full when card payment is due) and how much is incurred as ongoing debt. Which is growing; or is it both?

    • westspoon

      No EOC, I think this is “buy now, pay never” !!

      • Adele

        Great answer.