Annual credit card spending in Cyprus 2000-2021, in local currency and USD
penetration of credit cards was 25 percent in 2019. Originally denominated in euros, the data was converted to U.S. dollars by Statista to allow for cross-country comparisons worldwide.
The total value of credit card payments in Cyprus from 2000 to 2020 increased significantly until 2008 and has fluctuated since then. In 2020, credit card payments in Cyprus reached a total value of approximately 1.46 billion euros. This is roughly the same value reached in 2013. For many markets in Central and Eastern Europe, the regulatory and financial support afforded by the European Union membership provided strong potential for sustained growth in the credit card market. For example, for Czechia, the