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Groceries, government top credit card usage

13/01/2015 07:36
Supermarkets continue to be the most popular place of credit card usage in Cyprus, according to new data.

During 2014 €530 mil were spent on purchases from supermarkets 4,2% more than in 2013. This constitutes 18,4% of the total value of credit card transactions domestically, according to the data from the credit card company JCC.

A substantial increase of 8,1% occurred in credit card usage for government services reaching €376 mil as an increasing number of government entities offer online electronic services.

They represent 13,1% of total value of credit card transactions domestically.

The third largest category that of clothing and shoes stores also managed a healthy 8,3% increase at €276 mil making up 9,6% of the total value.

The hotels sector which constitutes the fourth largest category with 7,1% of the total, managed the highest growth rate as the total value of credit card transactions increased to €205 mil some 16,1% more than in 2013.

This is probably the result of more Cypriots opting for local tourism as opposed to travelling abroad.

Figures show that the value of credit card transactions by Cypriots abroad declined by 8%.

Credit card expenses for petrol increased marginally to €198 mil suggesting that due to the crisis fewer motorists make use of their vehicles although part can be attributed to the lower gas prices during the last couple of months.

As shown in the table all but one of the major categories saw increases during 2014 compared to 2013.

The total value of transactions paid by credit cards domestically in 2014 reached €2878 mil registering an increase of 6,6% from 2013.

Cypriots accounted for 78% of the total reaching €2246 mil some 4% higher than 2013 while the value of transactions by credit cards by non-residents amounted to €633 mil an increase of 16%.