Insider Economy Credit card use up 16% in April

Credit card use up 16% in April

Credit card use in Cyprus (sales) in April totalled €260.6m up an annual 16% — driven in part by payments to Inland Revenue, while sales so far this year are up  by 30% to €1.218b, according to figures released by JCC on Friday.

Local cards used abroad (Sales and Cash withdrawals) rose 11% to €149.1m  while so far this year they are up 7% to €584.3m.

Foreign cards used in Cyprus in April (Sales) jumped 17% to € 94.7m while so far this year they are up 22% to €292m. Including cash withdrawals the respective figures are €117.5m (15% increase) and €373.9m (19% increase)

As regards use of local cards in the occupied areas, the total for April was €1.76m and for the year to date  €5.9m. Use of local cards in Turkey was €464,822 in April and €1.5m so far this year.

Turkish cards were used for €1.17m worth of transactions in the government controlled areas in April and for €5.2m so far this year.

JCC said use of cards rose for transactions with the government, to pay for utilities and at supermarkets, restaurants and bars and fell for payments for airlines and at Do-It-Yourself & Household stores

The total monthly increase is mainly affected by the government sector increase due to Inland Revenue Department payments, JCC said.

The total monthly increase without the government sector is 11% (YTD is 10%) and the local monthly increase without the government sector is 10% (YTD is 8%)

 

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