Starting November 1, 2025, a new system for electronic payments comes into effect in Greece, as all businesses – regardless of size or sector – are required to accept payments through the IRIS service. According to the new regulations, businesses must support payments either through POS terminals with integrated IRIS capability or by using QR codes. After the changes to IRIS payments, customers will scan the code through their chosen banking app, completing the transaction instantly without any fees.
Read: Heavy fines for businesses without IRIS: Deadline until November 1st
It should be noted that IRIS offers instant account-to-account payments in real time, facilitating both consumers and businesses. At the same time, it contributes to strengthening tax transparency, as the Independent Authority for Public Revenue (IAPR) will monitor business compliance with the new obligation.
The measure is part of broader efforts to digitize transactions and enhance transparency in the tax process, while it is expected to reduce the cost and settlement time of transactions, offering a secure and commission-free alternative to existing payment methods.
Money transfers through the system are structured as follows:
- Up to 500 euros daily for transfers between individuals (IRIS P2P).
- Up to 500 euros daily for payments from individuals to professionals (IRIS P2B).
- Total maximum amount per day: 1,000 euros.
It should be noted that P2P transfers are provided free of charge for the sender, while P2B payments involve a small commission for the professional. P2B transactions are now mandatory to be processed through POS terminals, based on legislation that provides for heavy fines for violators.
According to the new legislative framework, every business that accepts IRIS-type payments must process them through a POS terminal, which connects either to a fiscal mechanism or to IAPR systems. Any other payment method is considered irregular and incurs heavy fines.
The regulation affects thousands of professionals, stores, retail and restaurant businesses, which until now accepted direct money transfers without tax documentation through POS systems.
The fines for non-compliance are:
- 10,000 euros for businesses with single-entry bookkeeping.
- 20,000 euros for businesses with double-entry bookkeeping.
However, there is a possibility of reducing fines by 50% for entrepreneurs operating in small settlements or islands with fewer than 3,100 inhabitants, excluding tourist areas.
