Payment methods in Cyprus

Generic online and mobile bank-transfer methods (internet banking, e-banking, EFT and interbank transfers). Customers pay directly from their bank account via their bank's own online/mobile banking portal. Implementation and rails differ by country, but the consumer flow is a standard account-to-account bank transfer.

Mastercard is a leading global card network supporting credit, debit and prepaid card payments online, in-store and at ATMs worldwide. In the listed countries it is a core internationally accepted scheme.

Visa is the world's largest card network, enabling credit, debit and prepaid card payments online, in-store and at ATMs across virtually every market. In the listed countries Visa is a core internationally accepted scheme alongside local methods.

Pan-European mobile payments app connecting phone numbers for instant consumer-to-merchant and P2P payments, active in the Balkans. Operator: Settle Group (formerly Auka). Est. users: Cross-border across 28 EU markets (2024).

Digital wallets represent the second-largest payment category at ~$737M. PayPal is widely used for cross-border shopping, while Apple Pay and Google Pay have grown strongly with smartphone commerce reaching 25% of card transactions.

The single most-used payment method, with approximately 45-47% of e-commerce orders still settling in cash at delivery. Consumer distrust of online payments remains the primary driver. Most major Serbian logistics providers (Post of Serbia, DExpress, etc.) offer COD collection.

Cash on Delivery (COD) is the dominant payment method for Algerian e-commerce, reflecting low consumer trust in online payment systems and limited access to cards or digital wallets. Customers pay the delivery agent in cash when goods arrive. Nearly all Algerian e-commerce platforms offer COD as their primary or only payment option. The widespread reliance on COD is both a symptom of underdeveloped payment infrastructure and a barrier to merchant cash flow, as returned goods result in no payment.