A September meeting between JCC and participating banks is expected to define the security requirements, transfer limits and technical specifications for Cyprus’s planned mobile payment service.

Security And Controls Remain Key

The participants will need to agree how mobile numbers are linked to bank accounts, how recipients are identified and which checks are required before payments are confirmed. They will also set daily and monthly limits and procedures for incorrect payments, suspicious activity, fraud and misuse of registered numbers.

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Other issues include whether participating banks will launch simultaneously, how the service will work within existing banking apps and whether common conditions will apply across the banking system.

2027 Launch Remains A Target

A first-quarter 2027 launch remains a target rather than a confirmed deadline. Timing will depend on the specifications agreed with banks and the integration work needed to connect their systems.

DIAS already operates IRIS in Greece and manages infrastructure for domestic and cross-border interbank payments. The company says on its official website that it supports the Greek and Cypriot banking systems.

DIAS’s involvement could provide Cyprus with a pathway to mobile-number payments beyond the domestic market, although cross-border functionality has not been confirmed for the initial launch.

EuroPA Could Offer A Future Cross-Border Link

Greece connected IRIS to the European Payments Alliance, or EuroPA, on June 30, allowing users to send money to participating services in Spain, Portugal, Italy and Andorra using a mobile number instead of an IBAN.

The first phase covers person-to-person transfers and connects 57.3 million people across the five countries. According to DIAS, payments use strong customer authentication and the SEPA Instant Credit Transfer framework.

EuroPA connects national payment systems including IRIS, Bizum, MB WAY and BANCOMAT Pay, while customers continue using their domestic services.

For Cyprus, the immediate goal is a domestic service with broad bank and customer participation. A future EuroPA connection could potentially allow Cypriot customers to send money to Greece and other participating countries using only a mobile number.

September Meeting Sets The Next Steps

The September meeting will determine the service’s structure, safeguards and technical requirements, helping establish whether a first-quarter 2027 launch is achievable.