Cyprus to launch instant mobile payments system by 2027

JCC Payments and the Association of Cyprus Banks are scheduled to meet in early September 2026 to evaluate technical and procedural requirements for a new national instant payment system. The initiative aims to enable fund transfers between customers of different banks using only a mobile phone number, eliminating the need for traditional IBAN codes. This project is modeled after the Greek IRIS system.

The system is being developed by JCC Payments in partnership with the Greek Interbank Systems (DIAS) organization. Participation includes major institutions such as the Bank of Cyprus, Eurobank, Alpha Bank Cyprus, Ancoria Bank, National Bank of Greece (Cyprus), CDB Bank, Societe Generale Cyprus, and the Housing Finance Organization. Once operational, transactions will be completed within seconds, with both the sender and recipient receiving immediate confirmation.

Expected to launch in the first quarter of 2027, the system is designed to streamline daily financial activities, including small payments and transfers between individuals. Officials believe this transition will enhance transaction convenience and potentially reduce costs associated with traditional banking methods. The upcoming meeting will also address necessary security protocols to ensure the integrity of the new digital infrastructure.