Cyprus is set to introduce a new electronic payment platform in 2025, enabling instant, secure, and cost-effective transactions without the need for IBAN numbers.

As Brief reports, the innovative platform, overseen by the European Payments Council (EPC), aims to revolutionize the way payments are made across Europe by offering real-time transactions via a mobile app. Designed for seamless usability, the platform will allow transfers to and from contacts saved on users' smartphones, completing transactions in seconds.

Instant Transactions Without IBAN:

Users can make payments using just a mobile phone number or by scanning a QR code generated by businesses. Transfers are completed within seconds, eliminating the need for IBAN numbers.

Cost-Efficient and Secure Payments:

The platform offers free or minimal-cost transfers, making it a game-changer for both individuals and businesses.

Ease of Use:

Activating the service is simple and can be done directly through the platform’s app, ensuring quick adoption among users.

Real-Time Payments:

Funds are transferred immediately, even if the sender and recipient use different banks. This eliminates delays and ensures businesses receive their money instantly.

Improved Cash Flow Control:

Businesses are notified instantly of payments via SMS or messaging apps like Viber, enabling accurate financial tracking.

Enhanced Accessibility:

Customers no longer need debit or credit cards to pay. With just a smartphone and the app activated, payments become straightforward and secure.

Starting January 9, 2025, Cypriot bank customers will be able to send and receive instant credit transfers in euros, both domestically and internationally, under new European Union regulations. These transactions will be either free or significantly less expensive than traditional methods.

The initiative reflects a broader EU effort to standardize fast, secure, and affordable payment solutions across member states and beyond. Nine additional European countries have also adopted these directives, signaling a shift toward unified payment systems.