Transfers to your phone instead of IBAN. Cyprus is preparing a system similar to BLIK.

Mobile money transfers in Cyprus are set to become significantly simpler. A customer from one bank will be able to send money to a customer from another bank, knowing only their phone number. The transaction will be completed in seconds, without the need to enter an IBAN.

For Poles, the easiest way to compare the new solution is with the BLIK mobile transfer. However, this won't be the Polish BLIK, but a Cypriot system being developed by JCC Payments in collaboration with the Greek DIAS, operator of the IRIS system. The current plan is to launch the service in the first quarter of 2027.

Phone Transfers in Cyprus. Key Calls Coming in September

In early September, JCC Payments is scheduled to meet with banks operating on the island. Discussions will focus primarily on the technical principles of the new system.

The maximum amount of a single transfer, daily limits, recipient identification method, and security procedures in the event of fraud or mistakenly sent money remain to be determined.

If the schedule is maintained, the system should start in the first quarter of 2027.

Will it be BLIK?

Yes – if we only compare transfers to a telephone number.

In Poland, BLIK mobile transfers allow you to send money between customers of different banks without knowing the account number. The phone number is linked to the recipient's account, and the funds are transferred to them almost instantly.

In Cyprus the rule is to be very similar:

phone number → bank account → money in seconds.

This does not mean, however, that the island will get the full equivalent of BLIK.

The Polish system also enables in-store and online payments, ATM withdrawals, and contactless payments. The Cypriot project, at its current stage, primarily concerns instant transfers between bank accounts.

The direct model is the Greek IRIS, which is backed by DIAS – the same company that will work with JCC to implement the solution in Cyprus.

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The biggest change? No more IBAN questions.

The new solution will be most noticeable in ordinary, everyday settlements.

Will someone pay for dinner together? Instead of sending an invoice number, a phone call will suffice.

Similarly, you will be able to refund money for purchases, send a small amount to a family member or settle a joint bill.

Instant transfers in euros themselves are nothing new. What will be new is replacing the long IBAN number with a simple phone number.

For many Poles living on the island, this solution will be very familiar.

Safety and limits first

Before the system goes live, banks must establish rules to protect customers from mistakes and fraud.

When making a transfer in just a few seconds, it will be particularly important to confirm that the phone number actually belongs to the correct recipient.

Amount limits and the procedure to be followed in the event of a suspicious or erroneous transaction also remain to be determined.

It is not yet known whether all banks will introduce the service simultaneously or what the exact rules for using it will be.

The first concrete answers should appear after the JCC talks with the banking sector in September.

If the project is implemented as planned, in 2027 one of the most characteristic Cypriot transfer questions – "send me IBAN" – may start to disappear.

Sources: Philenews, JCC Payments, DIAS Interbanking Systems