A significant step toward a truly unified European instant payments space — with Greece and its Iris Payments system leading the way — was taken this week. Iris Payments has joined EuroPA (European Payments Alliance), the European instant payments network that connects national account-to-account payment solutions, including Iris Payments in Greece, MB Way in Portugal, Bizum in Spain, and Bancomat Pay in Italy, with the goal of building a unified European payments ecosystem.
Target: connecting 176 million European citizens by end of 2026
The first phase of Iris Payments’ European interconnection for Person-to-Person transactions launched on June 30, linking 57.3 million European citizens across five countries. By the end of the year, the target is for the network’s cumulative reach to exceed 176 million European citizens across 18 countries, enabling instant mobile-based money transfers. An expansion of interoperability to cover both online and in-store payments is expected to follow in 2027.
Instant money transfers with speed, security, and simplicity
What does this mean in practice for Greek users of the Iris Payments system? It means they will now be able to make instant money transfers to users of equivalent national instant payment systems in Spain, Portugal, Italy, and Andorra — and receive payments from them — using nothing more than a mobile phone number. No IBAN required, no complex banking details, just speed, security, and ease of use.
The service works in a few simple steps: select Iris Payments through your bank’s mobile app, enter the recipient’s mobile phone number — no IBAN needed — and confirm the transaction. All transfers are protected by Strong Customer Authentication (SCA) in line with European security standards. Funds are transferred instantly.
The service is initially available through Eurobank, Piraeus Bank, and Viva.com, with additional Greek banks expected to join progressively, further expanding user access to the EuroPA European instant payments network.
As DIAS S.A. CEO Stavroula Kampouridou stated at the presentation of the new service during the 4th DIAS 360 Payments Conference, joining EuroPA gives Iris Payments users the ability to make instant cross-border money transfers between individuals across different European countries.
The next step: expanding to business payments
It is worth noting that the announced Iris Payments interoperability currently covers Person-to-Person transfers — but this is only the beginning. The next step is expanding the service to business payments, so that European citizens can make payments across the continent as easily as sending a text message from their phone.
The Iris instant payments system has become firmly embedded in the daily lives of Greek citizens and businesses alike. In 2025, instant payments reached 122.1 million transactions — a 72.8% increase compared to 2024 — accounting for 27% of all credit transfers. The system recorded an all-time high in instant payment processing in December 2025, with 15.4 million transactions (+78.6% compared to 2024), confirming its ability to reliably handle periods of peak demand.
Published in the MoneyPro supplement of Parapolitika
