The instant payment system IRIS enters a new operational phase with significant capability upgrades. Starting today, users can transfer double the daily amounts as transaction limits increase dramatically. This development transforms mobile phones into even more powerful financial transaction tools, facilitating both transfers between individuals and payments to freelance professionals.
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How the IRIS system works
The IRIS platform is an innovative instant payment solution developed by DIAS and integrated into banking applications. Its core strength lies in simplicity: users transfer money in seconds without needing to know the recipient’s IBAN. Just a mobile phone number or scanning a QR code completes the transaction.
New transaction limits for individuals and professionals
The central change concerns IRIS Person to Person functionality, where transfers between individuals gain new dimensions. Daily limits increase from €500 to €1,000, while a monthly ceiling of €5,000 is established. This upgrade allows coverage of larger financial needs, such as rent payments, utility settlements, family financial obligations, or arrangements between friends and relatives. Similarly, IRIS Person to Professionals benefits from the same limit increases. Payments to freelancers and sole proprietorships can now reach €1,000 daily. This covers a wide range of transactions, from doctor and engineer fees to payments for hairdressers, technicians, and other professionals, without using cash or cards.
It’s worth noting that IRIS Commerce, serving payments to physical and online stores, remains without transaction limits, offering unlimited possibilities for purchases of any value.
Benefits for consumers and the professional world
Consumers primarily benefit from the speed and simplicity of the IRIS system. Transfers complete in real-time without time-consuming procedures and without commission charges. The only requirement is having a smartphone with an installed banking app, making cards or IBAN knowledge unnecessary. For professionals, the IRIS system offers significant competitive advantages. Commission ranges from just 0.2% to 0.3%, impressively lower than traditional POS system charges. Additionally, no special equipment investment is required, as collection occurs directly through mobile phones. The system has become particularly popular among health professionals like physiotherapists and dentists, beauty professionals like aestheticians and hairdressers, as well as engineers and other freelance categories seeking economical and practical collection solutions.
Cross-border expansion in Europe
Beyond limit increases, IRIS advances in strategic expansion beyond Greek borders. Integration into the European EuroPA initiative is expected to complete within summer, opening new horizons for Greek users. This development will enable instant payments across multiple European countries using the same familiar interface. In practice, travelers will gain the ability to make payments abroad without cards and without additional charges, simply through their mobile phones. The common network is expected to serve over 105 million users across 10 European countries, including Italy, Spain, Portugal, and Scandinavian states.
Interestingly, cross-border transactions won’t be limited exclusively to euros. There’s active interest in connecting with other countries’ infrastructures under European Central Bank supervision, further extending system capabilities.
