Cyprus considers mobile number-based interbank payments for 2027
JCC Payments and Cyprus banks are preparing discussions on a service allowing transfers through recipients’ mobile phone numbers.
Nicosia, Cyprus. Cyprus is considering the introduction of an interbank payment service that would allow customers to send money using a recipient’s mobile phone number, with a possible launch in the first quarter of 2027.
The plans are expected to move into a more detailed phase in early September, when JCC Payments holds its first substantive meeting with members of the Association of Cyprus Banks.
Service model
The meeting will examine technical and procedural requirements for a Cypriot service modelled on Greece’s IRIS system. The project is expected to be developed by JCC in cooperation with Greek interbank payments operator DIAS.
Customers of participating banks would not need to enter or exchange an IBAN for eligible transfers. Instead, they would select or enter the recipient’s mobile number through their banking application.
The IBAN would remain part of the transaction process, with the mobile number serving as a proxy linked to the recipient’s bank account. The system would retrieve the required account details in the background, in line with the description of mobile proxy services in European Central Bank documentation.
Payment process
Once a payment is authorised, the money would reach the beneficiary’s account within seconds, with confirmation sent to both parties.
The service would be particularly relevant for small everyday payments, including splitting restaurant bills, repaying friends, returning money to relatives or settling other personal obligations. Users would not need to request, copy and verify a bank account number before making a transfer.
Security and limits
The September discussions are expected to focus on security, verification and transaction limits. JCC and the banks will need to determine how mobile numbers are registered and linked to accounts, how recipients’ identities are displayed and what checks are carried out before a sender confirms a payment.
They will also need to establish maximum transfer amounts and any daily or monthly limits. Procedures for incorrect payments, suspicious transactions, fraud attempts and misuse of registered mobile numbers will also require agreement.
Other issues include whether all participating banks would introduce the service simultaneously, how it would be integrated into existing banking applications and whether common conditions would apply across the banking system.
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