Cash remains important despite shift to cards
Cyprus ATM withdrawals totalled €2.5 billion during the first half of 2025, underlining the continued importance of cash in everyday transactions despite the growing use of electronic payments.
According to the Central Bank of Cyprus (CBC), cash remains a key means of payment, even as consumers increasingly turn to cards and digital solutions. The findings are included in the CBC’s report on payment statistics for the first half of 2025.
Fewer withdrawals, higher average amounts
While the total value of withdrawals remained relatively stable compared with the second half of 2024, the overall number of transactions declined. This led to a noticeable increase in the average withdrawal amount.
The average value of Cyprus ATM withdrawals rose to €372 in the first half of 2025, compared with €291 in the same period of 2022 – an increase of 28%. The CBC attributes this trend partly to reduced ATM availability in recent years, encouraging consumers to withdraw larger sums less frequently.
ATMs return above 400 across Cyprus
After several years of decline, the number of ATMs in Cyprus has risen slightly, climbing back above 400.
The CBC reports that the total number of ATMs increased from 397 at the end of the first half of 2024 to 405 by the end of the first half of 2025. This increase is linked to the installation of new machines in mountainous and remote areas, aimed at improving residents’ access to cash.
Around 72% of ATMs in Cyprus now accept contactless cards, compared with just 34% across the eurozone.
Eurozone trends and long-term decline
Across the euro area, the total number of ATMs continued to decline marginally, falling from 256,645 in mid-2024 to 249,281 by mid-2025.
The CBC notes that both Cyprus and the eurozone have seen an overall reduction of about 12% in ATM numbers over the past five years, as cash usage has decreased and banks have sought to cut operating costs. By comparison, 478 ATMs were operating in Cyprus during 2018–2019, according to data from the Cyprus Banks Association.
POS cashback gaining ground
Alongside traditional ATM withdrawals, new channels for accessing cash are emerging in Cyprus. One of the most notable is cashback at point-of-sale (POS) terminals.
While ATMs remain the primary method for withdrawing cash, the CBC says cashback at merchant POS terminals is gaining traction and is increasingly seen as an important cash access tool in the Cypriot market, citing findings from a relevant study.
Also read: Cypriots increasingly use digital payments, study shows
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