Plastic money use up 21% in November, JCC says

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By Stelios Orphanides

JCC Payment Systems, a consortium of Cypriot banks, said that the use of plastic money in Cyprus rose 21 per cent last month compared to November last year to €234.1m.

In January to November, the use of Cypriot cards for purchases and payments in Cyprus rose an annual 13 per cent to €2.4bn, the payment processing company said in an emailed statement on Monday. The value of purchases and cash withdrawals by holders of Cypriot cards abroad last month rose 10 per cent to €141.8m and in January to November 12 per cent to €1.4bn.

The value of purchases and cash withdrawals by holders of foreign cards in Cyprus rose an annual 11 per cent to €80.3m in November and €1.1bn in January to November, JCC said. The value of purchases with foreign cards alone rose 16 per cent in November and 19 per cent in January to November to €59.8m and €870.5m respectively.

The amount of purchases with the use of Turkish cards processed by JCC was €2.1m in November and €23.7m in January to November, the company said. Local cards were used last month for purchases worth €866,385 and €275,222 in the Turkish occupied areas and Turkey respectively. In January to November, the respective amounts were €8.3m and €3.1m.

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About Author

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

  • Eye on Cyprus

    More important and interesting would be to learn the percentage of interest-bearing debt which is not cleared by the appropriate payment date. Then we’d know if the growth was for convenience; or simply another kind of loan.

    • Cydee

      Precisely.

  • AnalogMind

    This is very good for state revenue collection and the gradual elimination of the grey economy.

    • Wanderer

      In other words, bad for the people.