Plastic money transactions rise 17% in August, JCC says

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By Stelios Orphanides

The amount of transactions completed with the use of cards rose in August 17 per cent to €223.2m compared with the respective month of 2016, JCC Payment Systems said.

As a result of the latest increase in the use of plastic money, total payments with cards in the first eight months of 2017 rose an annual 13 per cent to €1.7bn, JCC, a consortium of Cypriot banks, said in an emailed statement on Monday.

The use of Cypriot cards for purchases and withdrawals abroad also grew in August 14 per cent to €143.4m and in January to August 12 per cent to over €1bn compared with the respective period last year, JCC said. Spending by tourists in Cyprus rose last month an annual 16 per cent to €107.9m and in the first eight months of the year 20 per cent to €608m.

The use of local cards in the Turkish-held areas of Cyprus and Turkey was last month €787,959 and €425,571 respectively, while from January to August it was €5.9m and €2.3m also respectively, JCC said.

Holders of Turkish cards made payments with merchants in the government-controlled areas worth €2.4m last month and €17.1m from January to August, the company said.

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