# Cyprus — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/CY
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## 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:**
1. Open BoC Mobile App
2. Navigate to QuickPay function
3. Select "QR Code"
4. QR code displays on screen
5. Payor scans to send money

**Sending Payment:**
1. Log into BoC Mobile App
2. Scan recipient's QR Code
3. Pop-up shows payee's name
4. 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](https://docs.barcoder.ai/docs/payments/CY/quickpay-qr) | Payment QR | QR Code | New (Dec 2024) | [`quickpay-qr`](https://docs.barcoder.ai/docs/standards/quickpay-qr) |
| [JCC QR Pay](https://docs.barcoder.ai/docs/payments/CY/jcc-qr-pay) | Merchant QR | QR Code | Via JCC | — |

## Sources

- [Cyprus Mail - QuickPay QR Launch](https://cyprus-mail.com/2024/12/12/bank-of-cyprus-launches-quickpay-qr-code-for-seamless-mobile-transactions)
- [Cyprus Mail - BoC QR Payments](https://cyprus-mail.com/2024/12/13/boc-app-enables-instant-qr-code-payments)
- [JCC Payment Systems](https://www.jcc.com.cy/)
- [Bank of Cyprus - JCC Smart Bill](https://www.bankofcyprus.com/en-gb/Personal/Digital_Channels/services/Transfers_Payments/jcc-smart-bill-payments/)
- [TheBanks.eu - Cyprus Major Banks](https://thebanks.eu/countries/Cyprus/major_banks)
- [Transfi - Cyprus Payment Rails](https://www.transfi.com/blog/cyprus-payment-rails-how-they-work---sepa-jcc-mobile-wallets)
- [Cyprus Profile - Banking](https://www.cyprusprofile.com/sectors/cyprus-banking)
- [Elevate Pay - Banks in Cyprus](https://www.elevatepay.co/blog/banks-in-cyprus)
- [Akurateco - JCC Payment Systems](https://akurateco.com/payment-methods/jcc-payment-systems)
- [HulkApps - Top Banks Cyprus 2024](https://www.hulkapps.com/blogs/ecommerce-hub/top-10-banks-in-cyprus-comprehensive-review-for-2024)

## Full country report

[CY-cyprus.md](https://docs.barcoder.ai/docs/payments/CY)