Plastic money use up 10% in September, JCC says

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By Stelios Orphanides

The value of credit card transactions rose in September by 10 per cent to €217.2m compared to the same month last year, JCC Payment Systems Ltd said.

In the first nine months of the year, the value of transactions with the use of plastic money rose by 13 per cent to just below €2bn, compared to the same period in 2016, JCC said in a statement.

Holders of local cards used them for purchases and cash withdrawals abroad totalling €137.7m in September, which is 12 per cent more compared to the same month in 2016, the company said. In January to September, the value also increased 12 per cent to €1.2bn.

The value of transactions with the use of cards by visitors rose 17 per cent to €101.2m in September compared to September last year and 19 per cent to €709.3m in January to September compared to a year before. By adding cash withdrawals of visitors, the figures increase to €125.9m in September, which is 12 per cent more compared to a year before, and to €901.9m in the first nine months of the year, which is 14 per cent more compared to January to September last year.

The amount spent by holders of Turkish cards in the government controlled areas dropped last month 14 per cent to €2.4m and rose in January to September 2 per cent to €19.5m, JCC said. Holders of local cards spent in September €740,399 in the Turkish held area of Cyprus, which is 45 per cent more compared to a year before and €311,658 in Turkey, which is 32 per cent more. In January to September, the amount spent by holders of local cards in the occupied areas and Turkey rose an annual 21 per cent to €6.6m and annual 11 per cent to €2.6m respectively.

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About Author

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

  • AnalogMind

    Use of plastic cards eliminates both the grey economy and allows the government to collect taxes efficiently. The cash economy is so third world.

    • Cydee

      Cash is king.

      • AnalogMind

        Until thieves rob you and then cash becomes their king. Problem with cash is that there is no ownership. Cash belongs to all and it’s very hard to prove that it belongs to you. Unless you want to lose a life defending it.