Cyprus Payments Guide

Today, through our descriptive article, we are traveling to one of the most unique island countries. With thousands of years of history, stunning geography, and traditional routines, this wonderful land is located south of the Anatolian Peninsula in the eastern Mediterranean Sea. Although it is a part of West Asia, according to the physical atlas, its cultural relations and geopolitics mostly point out the Southern European pathway. Yes! Our subject country is Cyprus, and the payment methods in Cyprus.

As the land of battles, celebrations, and blended culture, Cyprus stands in blues like a beautiful statute resisting centuries. On the other hand, it somehow manages not to lose its spirit today even though it was divided in two. You know what they say, being beautiful can also be a curse. Cyprus has been paying the price for centuries since the Egyptians.  

Described by the Greek Cypriot poet Leonidas Malenis as a “golden-green leaf thrown into the sea”, Cyprus is indeed an unusual magnificence located in the Mediterranean Sea. Officially the Republic of Cyprus, Cyprus is an island country famous for its abundance, attractiveness, and mineral wealth. This isle is also in a strategically noteworthy spot contributing to its historical and cultural diversity. Although it was considered minor, there is much more about Cyprus than meets the eye. 

Cyprus is a multi-lingual, multi-cultural, and multi-religious country. The citizens of Cyprus are mainly split into two ethnicities Turkish Cypriots and Greek Cypriots. The island is also divided into two, the Turkish Republic of Northern Cyprus in the north and the Independent Republic of Cyprus or the Greek Cyprus in the south side. The island’s citizens speak a language that is an exciting mixture of Turkish, Greek, and English. 

According to Statista, 73% of Cypriots are Orthodox Christians, and most Turkish Cypriots are Sunni Muslims. While the country has residents with different ethnic and religious backgrounds, according to the Constitution of the Republic of Cyprus, every person has the right to freedom of thought, conscience, and religion, whereas the citizens have been living in harmony for centuries.

Let’s dive into Greek mythology. The legend says the Greek goddess of love–Aphrodite–was born in Cyprus. In the myth of Aphrodite’s birth, the beautiful Goddess of Love arises nude from the sea foam from a rock at Latchi, which is now called Aphrodite’s beach located in Poli Crysochous. This is the reason why sometimes she is called “Cyprian” in the poetic works of Sappho. Cyprus has a prominent place in Greek mythology. In addition to Aphrodite’s birth, numerous legends are taking place in Cyprus. One Greek myth is that once the Creator finished making the Earth, he shook his hands, and the remains fell to the sea, creating Cyprus. Pretty poetic! Isn’t it? 

Indeed, wineries constitute a significant part of Cypriot culture. “Commandaria” wine is the oldest named wine dating back over 5000 years. A Cyprus Wine Museum is located precisely where it is believed that winemaking began in Cyprus 5500 years ago. This small island offers a great assortment of grapes and high-quality wine made from products recognized by wine enthusiasts from all over the world. 

During the Copper and Bronze Ages, Cyprus was known as one of the wealthiest countries around the globe. The island’s rich natural copper resources were exported to other countries, and the name Cyprus is believed to be given referring to copper. Cyprus might not be one of the wealthiest countries anymore, but it still is moneyed thanks to its mix of financial growth, lifestyle, healthful cuisine, fantastic weather, and cultural wonders. 

Undoubtedly, the first thing about Cyprus that comes to mind is sunny days and amazing beaches. Being a part of the gorgeous Mediterranean Sea comes with a blessing for beaches. Cyprus is famous for its enchanting shores on both sides worldwide. 65 beaches in Cyprus were granted the Blue Flag certification, which guides a series of rigid environmental, educational, security, and accessibility standards that must be met and upheld. Since it is pretty challenging to take a blue flag, it would not be a mistake to state Cyprus walks on water and is home to 65 of the world’s most uninfected, family-friendly seasides. Fig Tree Bay, Konnos Beach, Pissouri Beach, Makenzi Beach, Nissi Beach, Coral Bay, Glyki Nero Beach, Finikoudes Beach, and Aphrodite Beach are some of the Blue Flag beaches of Cyprus. 

Furthermore, as we all know, Cyprus welcomes millions of tourists annually. Not only for its enchanting sands but also its name as a well-known brick-and-altar Casino destination. There is a Resorts-style entertainment venture that is an absolute must-do for every casino lover.

Both domestic and foreign visitors can enjoy casino games in numerous luxury hotels equipped with spas, Turkish hammams, swimming pools, massages, and many other services. Providing an all-inclusive holiday, Cyprus presents a great example of how a country can convert itself into a popular tourist spot. 

Since we are speaking of Cyprus, we better not bypass its authentic dairy product, Halloumi. As a semi-hard cheese with a high melting point, Halloumi is made from goat milk. Not melting quickly makes it an ideal gourmet product for frying or grilling. This fantastic product is sold all over Cyprus, and travelers can try it in any restaurant on the island. Although it is usually served with olive oil, balsamic vinaigrette, and mint leaves, it is likely to prepare the dish by frying Halloumi cheese with olive oil, black pepper, and lemon juice. We highly recommend you try it when you visit the island. 

Overall, Cyprus is a superb location for expats, digital nomads, and retirees. It is stunning and has a moderately low cost of living. The country proposes high-quality and inexpensive education, which draws scholars from various parts of the world. The people of Cyprus are known to be welcoming and pleasant towards foreigners. 

In addition to its countless advantages, Cyprus has an exceptional healthcare system. There are both public and private hospitals all over the island, and even private healthcare is reasonable for many of the residents. Cyprus is a heaven on Earth with its low parcel and estate costs, amazing food, good education, inexpensive healthcare, and breathtaking natural beauty. 

According to many digital nomad forums, Cyprus is ranked in the top 10. The island is considered an ideal place to start a new life or an incredible destination for a fun getaway. Another grand benefit is reaching all of the European countries by a single plane. 

Choosing Payment Methods in Cyprus

With an internet penetration rate of 63%, Cyprus is not the most technologically advanced country, making them continue using the old payment methods. However, the latest progress in the online connection base may change this condition for good. In this part of our article, our readers will find preferred payment methods and practices in Cyprus so they can select the one matching their expectations and spending routines. 

What are The Different Types of Payment Methods in Cyprus?

The Cypriots tend to be orthodox in many elements, and payment methods are no exception. While credit cards gained some popularity, the older generation mostly clung to paying with hand-to-hand cash. Digital wallet funds also grow with crypto wallets. Now, it is time to evaluate all these options one by one together.

Payment Practices in Cyprus

  • Cash in Cyprus

The local currency of Cyprus is Euro, which is still the country’s primary payment alternative. It is not surprising that the country’s senior generation favors cash, mainly used for daily in-store transactions. Only some stores abide by credit and debit cards, so if you are voyaging to Cyprus, you better either withdraw Euros from ATMs on every corner or exchange your currency using exchange offices. 

Cyprus is far from being a cashless country in the near future. For this reason, you may see a considerable amount of purchases with money on the counter. You can also witness payments in Turkish Liras or Pound Sterlings. Do not be surprised. 

  • Credit Card in Cyprus

Credit cards are another widespread payment method in Cyprus. Cypriots desire to use credit cards primarily for their online payments. In recent years, credit card usage rates plunged while debit cards became more favored. There are around 1.01 debit cards and 0.23 credit cards per capita. Major credit cards such as Visa, Mastercard, American Express, and Maestro are obtainable in Cyprus. While you might be unable to locate POS machines everywhere around the island, you should be fine in the popular areas. 

  • Digital Wallets in Cyprus

Digital wallet usage in Cyprus has been gaining vogue recently. Due to the catastrophic COVID-19 duration, more people in the country started completing their transactions online, and the rate of online shopping skyrocketed. The residents of Cyprus began operating digital wallets thanks to the shield and amenities they carry. There are a number of different digital wallets online, and it is up to the user to find the one that fits their needs the best. 

Traditional banks in Turkish and Greek parts of the island instruct a residence permit to open a bank account; therefore, if you do not possess one, it can get pretty difficult to maintain your tranquillity. To be limited financially can convert your unique agenda into an undesirable journey. On the other side, creating a digital wallet account takes less than an hour, and online money transfer services in e-wallets are much more affordable compared to traditional ones.  

  • Cryptocurrency in Cyprus

There are no bans against cryptocurrency usage in Cyprus. It is altogether permitted to buy, sell and exchange cryptocurrencies, and there are numerous steadfast coin trading platforms as well as cryptocurrency wallets available for the country. 

Jeton Wallet in Cyprus! 

Merhaba Kıbrıs!

Γεια σου Κύπρο!

Our digital wallet, Jeton Wallet, is an excellent alternative for those seeking a secure and operative option to send/receive money overseas. We have already been in the European market for many years, so our inner circle knows what you expect from an online payment provider.

Furthermore, our users can take advantage of having access to a wide variety of fiat currencies, including Euros, Turkish Liras, and Pound Sterlings. Whether from the Turkish or Greek part, you will not pay pricey transaction and exchange fees. Our users can transfer money internationally with peace of mind.

To learn more about our superb services, please visit our explanatory website, or download our mobile application, Jeton App. 

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