Mastercard advocates for a digital and sustainable economy in Cyprus

Mastercard advocates for a digital and sustainable economy in Cyprus

Panagiotis Polydoros, Country Manager of Mastercard for Greece, Cyprus, and Malta, used a press conference held this week in Nicosia to underscore Mastercard’s confidence in Cyprus and its vision for a transition to a digital and sustainable economy.

Discussing the Cypriot market, Polydoros highlighted that the growth rate of card usage exceeded 17 per cent in 2023.

He also noted that the average transaction value in Cyprus is €46. Additionally, he explained that Cypriot consumers demonstrate a high percentage of card transactions, with nearly 60 per cent of household transactions being conducted using a card, placing Cyprus sixth among the 27 EU member countries.

Presenting the company’s strategy and priorities focused on the further development of digital payments, Polydoros emphasised Mastercard’s commitment to enhancing payment experiences through new digital solutions.

Furthermore, he explained that Mastercard, through partnerships with merchants and collaborators, us helping to transform the debit or credit card from a simple transaction tool into a “world” of privileges, offering Mastercard cardholders additional opportunities and exclusive benefits through developed tools aimed at seamless consumer experiences.

In the same context, he highlighted the role of Mastercard as a catalyst for innovation in the payments ecosystem.

Polydoros explained that through strategic collaborations with ecosystem members, merchants, and partners, solutions are being implemented that benefit consumers, merchants, and organisations.

Moreover, cybersecurity was acknowledged as a non-negotiable condition for the further development of digital payments.

Polydoros also mentioned Mastercard’s first European cybersecurity centre, the “European Cyber Resilience Centre”.

Finally, Polydoros noted that in the field of sustainability, the company’s focus areas include environmental protection through initiatives such as the “Priceless Planet Coalition”, combating financial illiteracy, and empowering women.

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