Payments/CY
Cyprus
ISO CY · 2 schemes
Summary
- QuickPay QR Code launched December 2024 by Bank of Cyprus
- JCC Payment Systems is the dominant merchant acquirer with QR Pay
- SEPA Instant available through mobile and online banking
- Bank of Cyprus dominates with 40.36% market share
- Eurobank acquired Hellenic Bank (2024-2025)
Banking landscape
Central Bank
- Name: Central Bank of Cyprus
- Website: https://www.centralbank.cy/
- Role: Eurosystem member, banking supervision
Major Banks (2024)
| Rank | Bank Name | Total Assets (EUR) | Market Share | Owner |
|---|---|---|---|---|
| 1 | Bank of Cyprus | 26,486 M | 40.36% | Public (LSE listed) |
| 2 | Eurobank (ex-Hellenic) | 18,233 M | 27.78% | Eurobank (Greece) |
| 3 | Alpha Bank Cyprus | ~3,500 M | ~5% | Alpha Bank (Greece) |
| 4 | Astrobank | 2,609 M | 3.98% | Private |
| 5 | NBG Cyprus | 1,198 M | 1.82% | NBG (Greece) |
Market Structure
- Duopoly: Bank of Cyprus + Eurobank hold ~68%
- Greek Bank Consolidation: Eurobank acquired Hellenic Bank (2024)
- RCB Wound Down: Russian Commercial Bank exited 2022
- Post-Crisis Recovery: Banks regained investment grade
2024 Transformation
- June 2024: CySEC approved Eurobank's Hellenic Bank acquisition
- September 2025: Merger completed, new Eurobank Limited formed
- Bank of Cyprus remains independent, market leader
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| TARGET2-CY | CBC | RTGS | Active |
| TIPS | Eurosystem | Instant EUR | Active |
| JCC Gateway | JCC | Card acquiring | Dominant |
SEPA Instant
- Available through mobile and online banking
- 24/7/365 operation
- Transactions settle in under 10 seconds
- Connected to TIPS
JCC Payment Systems
- Cyprus's primary merchant acquirer
- Card network connections
- Fraud controls, 3D Secure, tokenization
- Pay-by-link and QR Pay mechanisms
QR code standards
Bank of Cyprus QuickPay QR (December 2024)
| Attribute | Value |
|---|---|
| Launch | December 2024 |
| Operator | Bank of Cyprus |
| Type | In-app QR payment |
| App | BoC Mobile App |
How QuickPay QR Works
Receiving Payment:
- Open BoC Mobile App
- Navigate to QuickPay function
- Select "QR Code"
- QR code displays on screen
- Payor scans to send money
Sending Payment:
- Log into BoC Mobile App
- Scan recipient's QR Code
- Pop-up shows payee's name
- Confirm and complete payment
JCC QR Pay
| Attribute | Value |
|---|---|
| Operator | JCC Payment Systems |
| Type | Merchant QR |
| Integration | Payment gateway |
JCC Features
- Pay-by-link mechanism
- QR Pay for merchants
- Secure payment gateway
- Works with JCCsmart checkout
Mobile payment apps
| App Name | Bank | SEPA Instant | QuickPay QR | JCC |
|---|---|---|---|---|
| BoC Mobile | Bank of Cyprus | Yes | Yes | Yes |
| Eurobank Mobile | Eurobank | Yes | No | Yes |
| Alpha Mobile | Alpha Bank | Yes | No | Yes |
Bank of Cyprus Digital Leadership
- First with QuickPay QR (December 2024)
- Strong mobile banking adoption
- JCC Smart Bill Payments integration
- Innovation focus
SEPA Instant Features
- Peer-to-peer payments
- Payment requests
- Near-instant settlement
- Cross-border to SEPA zone
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| QuickPay QR | Payment QR | QR Code | New (Dec 2024) | quickpay-qr |
| JCC QR Pay | Merchant QR | QR Code | Via JCC | — |
Sources
- Cyprus Mail - QuickPay QR Launch
- Cyprus Mail - BoC QR Payments
- JCC Payment Systems
- Bank of Cyprus - JCC Smart Bill
- TheBanks.eu - Cyprus Major Banks
- Transfi - Cyprus Payment Rails
- Cyprus Profile - Banking
- Elevate Pay - Banks in Cyprus
- Akurateco - JCC Payment Systems
- HulkApps - Top Banks Cyprus 2024
Full country report
Schemes
Standards
Primary · 1
Mentioned · 2