Greece, due to the impressive penetration of the IRIS system, is today one of the eurozone countries with the highest degree of adoption of direct payments. A 100% Greek payment system shows the way out how Europe can gain strategic autonomy in both payment services and financial technology – the so -called Fintech.
This was pointed out today by the Deputy Prime Minister Kostis Hatzidakis at the 9th Payments 360 Congress, noting that immediate payments are currently 25% of the total, clearly above the eurozone average, where immediate payments represent 20.9%. “We usually say that Greece is lagging behind in issues related to new technologies. In direct payments, Greece is above the European average and this is a success that we all need to be proud of, “he added.
“About two years ago, when I was in place of the Minister of National Economy and Finance, the situation I encountered was very different“, Mr. Hatzidakis stressed. “On the one hand, there was strong criticism of banks on the amount of supplies that imposed on all kinds of transactions and other services. A criticism that came to the fact that banks ” eat the money of the world ”. On the other hand, DIAS had developed the IRIS, which enabled money transfers up to € 500 per day, without any commission – or at a minimum cost for businesses. But which was in infancy. “
The measures taken at the time to encourage the use of the system and the obligation of professionals to receive IRIS payments from natural persons have quickly led to impressive results: according to accounting data for 2024, IRIS is used by 3.8 million citizens and 565 thousand registered professionals. At the same time, IRIS transactions among natural persons increased by 142.4% compared to 2023, and payments to freelancers by 844%! While the Iris Commerce has 8,000 registered e-shops, and doubled its volume, reaching 7.3 million transactions.
Mr. Hatzidakis highlighted two elements:
- 65% of IRIS payment users belong to the age group of 18-35 years. “A clear vote of confidence from the younger generation to Iris and the ability it provides for immediate payments without any burden,” he said.
- Payments via IRIS to freelancers were tense of between 2023 and 2024, while between the first five months of 2024 and the 2025 they were five.
He added that the following steps are the expansion of the system to all businesses by October 31, 2025 and the doubling of the IRIS ceiling, from EUR 500 to EUR 1,000 per day to be implemented by the end of June.
The Deputy Prime Minister said that promoting the IRIS system is just a part of the government’s strategy for a financial system without exclusion. This strategy includes the following four interventions implemented from 2023 until today:
- Interconnection of cash registers with POS to tackle tax evasion and promote tax compliance. “A venture that we persistently proceeded, while few believed that it would have a positive outcome. The promotion of interconnections, along with the greater penetration of electronic transactions and the application of My Data, has contributed to additional tax revenue of 2 billion euros without increasing tax rates. “
- Ability to provide non-bank mortgage loans initially and business loans then to enhance competition and offer more options to businesses and households.
- Reduction or abolition by the beginning of 2025 six basic banks for daily transactions such as paying bills and debts, cash in municipal units where there is only one banking institution, charging up to 100 euros of prepaid cards, the maximum billing of € 0.5 for shipping and € 5,000.
- Citizens were given the opportunity to be informed and compare interest rates and supplies, enhancing transparency and competition. It is already operating, for this reason, a special website at the Bank of Greece.
“We are today, Mr Hatzidakis concluded, in a new, very different landscape. With simpler, more modern, faster and safer transactions. But the challenges still exist. Technologies are running. The economy is transformed. The banking system is facing new priorities. So we have to be ready, then, constantly for new adjustments. And because I know DIAS SA, I think today’s conference will substantially contribute to this course, bringing new ideas, new solutions, new proposals useful for the economy and society.“
Source: Skai
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