The IRIS payment system has emerged as the most successful example of digital transformation in the Greek economy, Finance Minister Kyriakos Pierrakakis declared during his address at the “Payments 360 Conference 2026, powered by DIAS.” The minister emphasized that the next major challenge is no longer technological availability, but achieving universal adoption of the service by citizens and businesses in their everyday lives. “We need greater visibility of IRIS at the point of payment, better public awareness, stronger incentives for merchants, and reward mechanisms from banks and acquirers,” he stated, noting that more than 4.6 million citizens currently use the service for instant money transfers — a figure that has grown by 760,000 compared to last year.
In addition, approximately 600,000 freelancers and sole traders are now able to accept payments via mobile phone and tax identification number. According to figures presented by the minister, the total value of IRIS transactions in 2025 reached €10.9 billion, representing a year-on-year increase of 70%. He noted that this development reflects a fundamental shift in consumer and business behaviour, with more people turning to fast, secure, and cost-effective digital payments.
Pierrakakis: Interbank transactions worth €544.4 billion were processed and cleared through DIAS in 2025
The minister stressed the need to boost IRIS usage in physical retail stores, where transactions remain limited at approximately 55,000 per month. To this end, he called on banks, acquirers, and technology providers to play an active role in promoting the service.
“We need greater visibility of IRIS at the point of payment, better public awareness, stronger incentives for merchants, and reward mechanisms from banks and acquirers,” he said.
Through DIAS, the minister reported, interbank transactions with a total value of €544.4 billion were routed and cleared in 2025 — a figure equivalent to 2.2 times Greece’s GDP. He described this as a scale that “makes it abundantly clear that payment infrastructure does not operate on the margins of the economy but is, in fact, a central pillar of it.”
He also underlined the need for greater IRIS visibility at the point of sale, improved public awareness campaigns, stronger merchant incentives, and reward mechanisms designed to encourage wider adoption.
By 2027, interoperability will advance to the next stage
Among the measures proposed were consumer and business awareness campaigns, loyalty programmes similar to those offered for debit cards, and the development of Tap & Pay solutions using NFC technology — enabling IRIS transactions to be completed as seamlessly as payments made today via Apple Pay and Google Pay.
The minister also highlighted the international dimension of the system, referencing the launch of IRIS connectivity with equivalent networks in Italy, Spain, and Portugal under the European EuroPA initiative.
As of today, 57.3 million European citizens across five countries now have access to instant cross-border money transfers, while by the end of the year the network is expected to cover 173.1 million citizens across 18 countries.
By year-end, the network’s reach will expand to 173.1 million citizens in 18 countries, and by 2027 interoperability will advance to the next stage, encompassing payments in both e-commerce and physical retail environments.
