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Credit card transactions go up

11/03/2011 07:26
The use of credit cards in February recorded a significant increase for the second consecutive month, boosting estimates for an improvement of the consumer climate.

According to new JCC Payments data, the value of credit card transactions by Cypriots in the domestic market soared 16% to €181 million.

According to JCC, the renewal of the car licenses contributed partly to this increase.

The figures show a different picture for the private consumption from that of the VAT revenues. In February, the increase in VAT revenues did not exceed 2.1% despite the imposition of 5% VAT on food and medicine.

The number of credit card transactions by Cypriots recorded an increase of 15% to 2.3 million.

In January – February 2011, the value of credit card transactions by Cypriots rose 14% to €363 million.

Most credit cards were used to governmental services (21.31%), super markets (18.85%) and clothes (11.77%).

The use of credit cards by Cypriots abroad in February increased by 6% to €96.5 million.

The number of transactions for the same month rose 4% to 757.2 thousand. For the period January – February 2011, the value of credit card transactions by Cypriots abroad surged 9% to €199.3 million.

As for the non-Cypriots, the value of their credit card transactions soared 12% to €19.8 million. In January – February 2011, the value showed an increase of 12% to €40 million.

The number of transactions increased by 9% to 192.6 thousand.