The Minister of National Economy and Finance, Kyriakos Pierrakakis, speaking at the “Payments 360 Conference 2026”, stressed that IRIS is a key instrument in the digital transformation of payments, with more than 4.6 million users and transactions worth €10.9 billion in 2025.
“What the numbers reflect is something deeper than an impressive statistical increase. They capture a substantial change in behaviour,” he also noted.

He emphasized, however, that the current challenge is its wider adoption in physical stores. He called for greater visibility of IRIS at payment points, better public information, incentives for merchants, and reward schemes from banks and acquirers. At the same time, he highlighted the importance of IRIS’s European interconnection through EuroPA and strengthening European autonomy in digital payments.

Full speech by the Minister of National Economy and Finance, Kyriakos Pierrakakis, at the “Payments 360 Conference 2026, powered by DIAS”

“Ladies and gentlemen,

We are living in an era where payments are changing radically, and with them the way the economy operates, commerce is structured, money moves, and value is created.

What until a few years ago was treated mainly as a technical function of the financial system has now evolved into a critical infrastructure of trust, efficiency, and certainly competitiveness. It affects not only the speed and cost of transactions, but also business productivity, the citizen experience, and increasingly the strategic position of a country in the international environment.

That is why the 4th Payments 360 Conference of DIAS is particularly significant today. Instant digital payments are not only changing the way we transact, but also the way the economy will function in the future.

In Greece, IRIS is perhaps the most characteristic example of this transition. In just a few years, it has moved from the stage of technological capability to real, everyday use, proving something extremely important: that in the digital economy, success is not determined by how advanced a technology is, but by how organically it is integrated into the daily life of citizens and businesses. The data speaks for itself.

• Today, more than 4.6 million citizens use IRIS for instant peer-to-peer transfers, an increase of 760,000 compared to a year ago.

• Also, 600,000 freelancers and sole proprietors can now receive payments instantly via mobile phone and tax ID number.

• And in 2025, the value of transactions through IRIS reached €10.9 billion, marking a 70% increase compared to the previous year.

What these numbers reflect, however, is something deeper than a statistical surge. They record a real shift in behaviour. Citizens and businesses are recognising in practice the advantages of instant payments: transactions with no charge for the citizen, very low cost for professionals, and a speed and simplicity that match the needs of the modern economy.

Thus, the economy is gradually moving towards an immediate, transparent, and efficient model. If we look at the overall picture, we can better understand the scale of this transformation. Through DIAS, interbank transactions in 2025 reached a total value of €544.4 billion, equivalent to 2.2 times Greece’s GDP, clearly demonstrating that payment infrastructure is not on the periphery of the economy but forms a core part of its foundation.

This progress has not happened by chance. It is the result of a coordinated effort:
• of the State, which established the appropriate regulatory framework,
• of DIAS, which developed and strengthened this critical infrastructure,
• and of banks, acquirers, and technology providers, who brought this capability into the real market.

This very partnership is what allows us today to speak of a true success story of the Greek digital economy.

However, this progress does not allow for complacency. On the contrary, it brings us to a new challenge. The first major milestone was technological availability. The next, and perhaps more important, is universal daily use. Mandatory adoption was necessary in this journey, but it is not sufficient on its own. Real adoption is earned in practice, when the experience becomes simple, fast, and almost invisible to the user.

Here lies the biggest challenge today. Despite strong technical readiness, IRIS usage at physical points of sale remains limited, at around 55,000 transactions per month. This means the challenge is no longer technology itself, but turning this capability into a daily habit.

The role of banks, acquirers, and the broader market is crucial. The fact that the State legislated IRIS usage is only one piece of the puzzle. The second is for banks and acquirers to contribute further by providing incentives to increase usage.

We need greater visibility of IRIS at the point of payment, better information for citizens, stronger incentives for merchants, and reward mechanisms that encourage usage. More specifically, among other things, the following could be done:

• Advertising campaigns for customers, aimed at informing both the public and merchants.

• Introduction of reward schemes, similar to those used for debit cards, where usage leads to cashback incentives, so that there is no disincentive to use IRIS.

• And most importantly, improvement of the payment experience. This could be achieved through technologies such as Tap & Pay, where users can easily pay via NFC by simply tapping their phone, just like Apple Pay or Google Pay using a card.

Citizens compare payment experiences. If they are used to the immediacy of contactless payments and digital wallets, then every new system is judged by the same standard. The less effort a payment requires, the higher its adoption.

However, this discussion is not only about Greece. It naturally leads us to the European dimension: the development of a truly unified European space for instant payments.

For the first time, the European interconnection of IRIS with similar schemes in Italy, Spain, and Portugal is being presented, while Greece’s participation in the European Payments Alliance (EuroPA), announced a year ago at this same conference, is now becoming concrete.

• Starting today, with the first phase of interconnection, 57.3 million European citizens across five countries can send money instantly.

• By the end of the year, the network will expand to 173.1 million citizens in 18 countries.

• By 2027, interoperability will extend further, covering both e-commerce and physical retail payments.

This is a decisive step towards a Europe where payments move as freely as people, goods, and capital. For years, Europe built its single market on the free movement of goods and services. In payments, however, borders still remained.

And this is now strategically important, because European sovereignty is not only about defence, energy, or AI, but also about how money moves within the European economy. A Europe that wants to be autonomous, resilient, and competitive needs its own strong, modern, and interoperable payment solutions.

In this context, the discussion about the digital euro also arises. It is often presented as a choice between competing solutions. In my view, this is a false dilemma.

The digital euro is a strategic public infrastructure that can strengthen trust, stability, and resilience in the European payments system. On the other hand, solutions like IRIS and initiatives like EuroPA accelerate innovation and expand user choice.

Therefore, the financial system should not treat these developments as competing. On the contrary, it should embrace both, recognising that real strength comes from their complementarity—public infrastructure and private innovation together.

Ladies and gentlemen,

In Greece we have already come a long way. IRIS has proven in practice that when the state, institutions, and market move in a common direction, change can come quickly and leave a real imprint on both the economy and everyday life.

But the most important part lies ahead. Because the next step is about whether technology becomes trust, habit, and ultimately an automatic part of daily life. The real success of IRIS will not be measured in algorithms or data centers, but at the moment of payment at a small shop, in the daily life of a professional, in the mobile phone of a citizen who wants to pay instantly, easily, and securely.

That is where it will be decided whether instant payments become part of our economic culture. And there it will be judged whether Greece, together with Europe, can stand at the forefront of the new era of digital transactions.

Thank you very much.”