Cyprus is planning to launch a new interbank payment service that will allow money transfers using only the recipient’s mobile phone number. The launch is planned for the first quarter of 2027, although an exact date has not yet been approved.
The project will be discussed in greater detail in early September. JCC Payments will hold its first meeting with representatives of the Association of Cyprus Banks (ACB). The parties will determine the technical and procedural requirements for the new system, which will be based on the Greek IRIS model. JCC is expected to implement the project in cooperation with Greek interbank payment operator DIAS.
For users, the process will be as simple as possible. When making a transfer through a banking app, instead of entering a lengthy IBAN, users will simply need to select or enter the recipient’s mobile phone number. Importantly, the IBAN itself will not disappear. The phone number will serve as a kind of digital identifier linked to the recipient’s bank account. The system will identify the necessary banking details in the background.
Once the payment is confirmed, the money should reach the account within a few seconds, while both the sender and recipient will receive a notification confirming the transaction. This will be particularly convenient for small everyday payments, such as splitting a restaurant bill, paying money back to a friend or relative, or settling a small personal debt. Users will no longer need to request an IBAN, copy a long number and check it several times before sending money.
Security and transfer limits still need to be determined
Before the system is launched, banks and JCC will need to agree on a number of important issues. These primarily concern security, recipient identification and transfer limits.
It will be necessary to determine how a mobile number will be registered and linked to a bank account, what recipient information the sender will see before confirming a transaction, and what checks will be carried out before the payment is completed. The maximum amount for a single transfer, as well as possible daily and monthly limits, will also need to be established.
Separate procedures will also be developed for cases involving an erroneous transfer, a suspicious transaction, an attempted fraud or the unauthorised use of a registered mobile number. It has not yet been determined whether all banks in Cyprus will launch the service simultaneously, how it will be integrated into existing mobile banking apps, or whether the terms of use will be the same across the entire banking system.
Therefore, the first quarter of 2027 currently remains a target timeframe rather than a guaranteed launch date. The actual timing will depend on the technical requirements agreed with the banks and the speed at which their IT systems can be connected.
Cyprus could gain access to European payment systems
The project also has broader prospects. DIAS already operates interbank payment infrastructure in Greece and is involved in the development of the IRIS system. According to the company, 540.4 million transactions were processed through DIAS in 2025, including 122.1 million instant payments, while the number of IRIS transactions reached 126.4 million. The number of registered IRIS P2P users stood at 4.25 million. Greece has also begun connecting IRIS to EuroPA (European Payments Alliance). Since 30 June 2026, users of participating services have been able to send money between Greece, Spain, Portugal, Italy and Andorra using a mobile phone number instead of an IBAN.
At the initial stage, the service covers person-to-person transfers. The system connects 57.3 million people across five countries. Transactions use strong customer authentication and the SEPA Instant Credit Transfer mechanism, allowing payments to be completed within seconds. EuroPA brings together existing national payment systems: IRIS in Greece, Bizum in Spain, MB WAY in Portugal and BANCOMAT Pay in Italy. Users continue to use the familiar service available in their own country, while interaction between the systems takes place in the background.
For Cyprus, the immediate priority will be to launch its own national system and connect as many banks and customers as possible. If the new infrastructure is designed from the outset to be compatible with European payment systems, it could potentially enable mobile-number transfers between Cyprus, Greece and other participating countries in the future.
What will change for bank customers
If the project is implemented, bank transfers in Cyprus will become significantly easier. At the same time, Cyprus is also moving forward in other areas of digital payments. In July 2026, the European Central Bank selected Bank of Cyprus and JCC Payment Systems to participate in the pilot phase of the digital euro. It is expected to begin in the second half of 2027 and last for 12 months. This is a separate project and is not directly connected with future transfers by mobile phone number, but it also reflects the accelerating digitalisation of Cyprus’s payment infrastructure.
Thus, if the technical preparations and coordination with banks proceed according to plan, residents of Cyprus could gain the ability to send money to one another through banking apps using a mobile phone number instead of an IBAN as early as the first three months of 2027.