Plastic money use up 12% in April, JCC says

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By Stelios Orphanides

The use of plastic money in Cyprus rose in April 12 per cent to €225m compared to the respective month of 2017, JCC Payment Systems, a joint-venture of Cypriot banks said.

In January to April, domestic purchases of holders of Cypriot cards rose an annual 14 per cent to €934.4m, JCC said in an emailed statement on Friday.

The use of Cypriot cards for purchases and cash withdrawals abroad rose in both April and the first four months of the year an annual 12 per cent to €134.2m and €547.6m respectively, JCC said. The use of foreign cards for purchases on the island rose 16 per cent to €81.3m in April and 19 per cent to €239.5m in January to April. Their use for both purchases and cash withdrawals rose 13 per cent to €102.1m and 15 per cent to €315.1m respectively.

The value of transactions made by holders of Turkish cards in the government-controlled areas in April and in the first four months of the year was €1.5m and €6.7m respectively, JCC said. Holders of local cards spent in the Turkish occupied area of the island €1m in April and €3.5m in January to April. In Turkey, they spend €341,449 and €1.1m respectively.

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About Author

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

  • kimberworth

    I use my debit card to pay for some transactions, i don’t have a credit card, why are the figures not broken down ie debit card = cash from bank account, credit card is borrowed money they are not the same,but the statement makes it look as if everyone using a card is borrowing money,get real and inform true facts.

    • SuzieQ

      Don’t hold your breath for true facts!

  • Eye on Cyprus

    “Plastic money use up 12%”. Plastic debt . . . up how much?

  • Bob Ellis

    A plastic credit crash hub ? Pay day loans next ? At least pay day loans will hasten the collapse rather than the denial and charade that exists at present. Admit it, the economy, banks, and government are screwed; prolonging the agony prolongs the recovery exponentially.

  • Douglas

    Do people have to pay back credit card debt or is it like NPLs only if you want too?