Cyprus
Cyprus, a high-income EU country, has a service-based economy driven by tourism, financial services, and shipping. Despite recent economic challenges, Cyprus is expected to see moderate economic growth in 2024.
In 2023, Cyprus’s GDP growth slowed to 2.5%, fueled by domestic demand, rising consumption, and increased employment and disposable incomes amid declining inflation. The economy is projected to grow by 2.8% in 2024 and 2.9% in 2025, supported by strong domestic demand and investments in major construction and infrastructure projects.
Inflation is expected to moderate from 3.9% in 2023 to 2.4% in 2024 as energy and food prices stabilize. The unemployment rate, which was 6.1% in 2023, is forecast to decline to 5.6% in 2024 and 5.4% in 2025.
Cyprus maintains a government budget surplus, with 3.1% of GDP in 2023, projected at 2.9% in 2024, supported by public wage growth, social spending, and strong tax revenues from consumption and employment. These factors contribute to economic stability, investment opportunities, and a resilient service-driven economy in Cyprus.
Top banks
Bank of Cyprus
Bank of Cyprus is among the largest banks in Cyprus, providing a wide range of banking and financial services for both individuals and businesses. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, Bank of Cyprus delivers trusted and professional Cypriot banking services.
Hellenic Bank
Hellenic Bank offers a full range of banking products and financial services in Cyprus, serving both individuals and businesses. Its offerings include retail banking, corporate banking, loans, savings accounts, and investment solutions, providing reliable and professional Cypriot banking services.
Eurobank Cyprus
Eurobank Cyprus is a prominent player in the Cypriot banking sector, providing a wide range of financial services for both individuals and businesses. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, Eurobank Cyprus delivers trusted and professional banking services in Cyprus.
Alpha Bank Cyprus
Alpha Bank Cyprus provides a wide range of banking and financial services for both retail and corporate clients. From personal banking, savings accounts, and loans to corporate banking, business financing, and investment solutions, Alpha Bank Cyprus delivers reliable and professional Cypriot banking services tailored to your financial needs.
Top payment methods
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
The Cypriot economy is set for recovery and growth, supported by a diverse payment ecosystem and a strong financial sector. Combining traditional banking, digital payments, and mobile payment solutions, Cyprus offers secure, convenient financial services that meet evolving consumer needs and support economic resilience and innovation.
Cash (Μετρητά)
Cash remains a widely used payment method in Cyprus, especially for smaller transactions and in rural areas. Despite the rise of digital payments, cash continues to be an important part of the economy.
Credit and Debit Cards
Credit cards and debit cards are widely used in Cyprus, with major networks like Visa and MasterCard accepted in most retail stores, restaurants, and hotels. Contactless payments and digital payment methods are increasingly popular, reflecting Cyprus’ modern payment trends and cashless economy growth.
Bank Transfers (Τραπεζικές Μεταφορές)
Bank transfers (Τραπεζικές Μεταφορές) are commonly used in Greece for business payments, real estate transactions, utility bills, and salary transfers. The Greek banking system enables secure domestic and international transfers, including online banking, wire transfers, and electronic funds transfers (EFT). These services provide fast, reliable, and convenient financial transactions for individuals and businesses.
Mobile Payments
Mobile payment options, such as Apple Pay, Google Pay, and local apps, are gaining popularity. These methods provide a convenient way to make payments using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and PayU are widely used for eCommerce transactions. These platforms offer secure and efficient ways to pay for goods and services online, supporting the growth of the digital economy.
Prepaid Cards
Prepaid cards are popular among younger individuals and those who prefer not to use traditional banking services. These cards can be used for online shopping and everyday purchases.
Cryptocurrencies
Cryptocurrencies are slowly being adopted, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving to accommodate the use of digital currencies, though widespread acceptance is still developing.
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