The use of the IRIS service increased significantly in 2024, as 1 in 2 citizens – more than 3 million – with web banking enabled have now linked their accounts to this instant payment system. At the same time, transactions carried out through IRIS in 2024 amounted to 34 million and reached a value of €3.7 billion, representing an increase of 150% and 116% respectively compared to the same period last year.

The promotion of the systematic use of the IRIS direct payment service for citizens’ daily transactions is part of the initiatives undertaken by the Ministry of National Economy and Finance both to reduce overall transaction costs and to enhance competition in the banking sector.

As part of this strategy, according to the Ministry of National Economy’s briefing:

1) It became mandatory for all freelancers and self-employed persons to register in the direct payment system (IRIS) in order to accept payments from their clients. Already more than 530,000 freelancers and self-employed persons have registered and those who have not done so can register at any time (note that checks by the competent authorities will start from the beginning of October).

2) A cap of 0.5% clearing commission on transactions up to 10 euros made through POS in the so-called “small retail” (kiosks, mini-markets, bakeries, taxis, etc.) was voted for the next 3 years.

3) In addition, the Ministry has made it clear to banks that their procurement framework needs to be modernized and made more citizen-friendly. One bank has already done so, and moves by the others are expected.

4) Allowing non-banking institutions to provide loans, which will increase competition with the banking sector and may lead to lower transaction costs.

5) The merger of Bank of Attica and Pancretia proceeded, as part of the 5th banking pillar, which will increase competition in the banking sector.

6) Since last year, the possibility of investing in Treasury bills with zero tax and high yields has been given.

The Minister of National Economy and Finance Kostis Hatzidakis stated that: “The IRIS instant payment system is now part of the daily life of more than 3 million citizens who carry out daily and free of charge transactions between different banks. It is also a powerful business tool for hundreds of thousands of freelancers and self-employed persons who can accept payments via IRIS with much lower commissions than those of POS. This initiative, the 50% reduction of fees for transactions up to €10 via POS, and our interventions to enhance competition in the banking sector, primarily benefit the pockets of millions of citizens and professionals. They lead to significant reductions in commissions and are a response to those who continue to believe that the State is standing idly by in the face of the banks and the issue of transaction costs. The answer, therefore, is provided by us, but also, of course, by the citizens who choose, and can choose in the future, cheaper ways of doing business. This Government has chosen to always side with the many and their needs.”

In more detail, based on official data from the IRIS, there is an increase in user registrations to the IRIS service in 2024, namely:

IRIS P2P (for direct payment between citizens)

– Users reached 3,062,070 of which 863,000 activated the IRIS service in 2024. Given that around 6 million citizens have web banking, 1 in 2 citizens currently use the service.
– On a daily basis since the beginning of the year, more than 3,500 citizens have registered.
– Since the beginning of 2024, both the number and value of transactions have tripled, reaching 29.3 million transactions worth €1.52 billion.

IRIS P2B (for direct payment to freelancers)

– Currently 530,033 thousand freelancers and self-employed persons are users, of which 365,000 activated the IRIS service within 2024. In August alone, more than 24,000 activated the service.

– The number of transactions almost doubled (x 10.6) since the beginning of the year, reaching approximately 322,000.
– Correspondingly, in the same period, their value increased tenfold (x 10) and reached €23.7 million.

IRIS eCommerce (for payment in an online store)

– Within 2024 the number of transactions doubled to over 4.3 million.
– The value of transactions reached €2.13 billion, representing an 80% increase from the same period last year.
– The number of e-shops offering IRIS payments is over 6,000, with around 2,500 having activated the service by 2024.

The benefits for citizens and businesses

Citizens who sign up for the service benefit from absolutely free transactions, (either citizen-to-citizen or business-to-business payments), easy, fast and secure payments, with no IBAN, no card and no cash, just by using their mobile phone.

In addition, subscribing to the direct payment service offers professionals a number of important advantages such as:

– Easy collection of payments without the presence of the customer and without additional equipment (POS).
– Immediate availability of receipts in the business account 24 hours a day and immediate notification by SMS or push notification. Professionals receive the money instantly (in 2 seconds) even if the bank they work with is different from the client’s bank.
– Security in transactions: Transactions are carried out in the banks’ secure mobile banking environment and using biometric data.
– Low cost of service usage: The cost of using the service is extremely low or even none at all, ranging from 0% to 0.50% of the transaction amount. In other words, it is significantly lower if the same transaction were carried out through the use of POS.

It should be noted that the limit of EUR 500 per day for IRIS transactions applies per customer and not to the total number of payments that a professional can receive within 24 hours. For example, a professional may receive in one day 4 payments of EUR 500 each (total of EUR 2,000).

It is recalled that those freelancers who did not register with the service by last Monday, September 2, have the possibility to do so at any time and benefit from the significant benefits of using the service. It should be noted that checks by the competent authorities will start from the beginning of October.

Step-by-step registration with a few clicks

The activation of the service for both citizens and professionals is quick and easy, without the need to visit a bank or service, through the web banking or mobile banking of partner banks 24 hours a day, 7 days a week.

Especially for freelancers and self-employed, through the Internet Banking of their bank, the professional in a few steps:

– He selects the IRIS Payments service from the Services section in Internet Banking.
– He declares his customer identifier (VAT number).
– Connects the professional account to which the money received through IRIS Payments will be credited.
– Upon completion of his registration with the service, the unique QR code of the business is generated, which he can share with his customers to scan and make payments to his business.

It is reminded that the IBAN that professionals and self-employed persons will choose when registering must be registered in the Register of Business Accounts of the AADE, in the myAADE digital portal (myaade.gov.gr) under Applications > Tax Services > Business Account.

A total of 12 banks now provide the service.