Plastic money transactions up 16% in July, JCC says

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By Stelios Orphanides

The value of transactions completed with plastic money rose 16 per cent in July to €250.4m compared with the respective month of 2016, JCC Payment Systems said.

From January to July, the value of transactions with cards rose an annual 13 per cent to over €1.5bn, the electronic payment processing company said in an emailed statement.

Holders of Cypriot cards made purchases and cash withdrawals worth €138.2m in July and €884m in January to July which was in both cases 12 per cent more compared with the respective period of 2016, JCC said. Holders of foreign cards spent for purchases at Cypriot merchants €107.9m in July, 14 per cent more compared with July 2016, and €500.1m in the first seven months of the year, which is 21 per cent more compared to the respective period of last year.

Holders of local credit cards spent €844,300 in July in the Turkish-held area of the island and €425,460 in January to July, JCC said. In the first seven months of the year, the respective amounts were €5.1m and €1.8m.

Holders of Turkish cards spent €2.2m for purchases in the government controlled areas in July and €14.7m in January to July, JCC said.

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About Author

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

  • Eye on Cyprus

    You have to hope that cash transactions were reduced by a similar amount: otherwise some folk are entering onto a slippery slope.