Parapolitika.gr

Greece’s Digital Payments Revolution: Instant, Fee-Free Transactions via IRIS Coming This Fall

IRIS Payments Set to Transform In-Store and Online Transactions with QR Codes Starting November 2025, Greek consumers will be able to make instant, fee-free payments at all physical and online stores using IRIS Payments —…

Greece’s Digital Payments Revolution: Instant, Fee-Free Transactions via IRIS Coming This Fall
Economy
admin

IRIS Payments Set to Transform In-Store and Online Transactions with QR Codes

Starting November 2025, Greek consumers will be able to make instant, fee-free payments at all physical and online stores using IRIS Payments — simply by scanning a dynamic QR code with their banking app. The payment will be completed in under 10 seconds, while the merchant will instantly receive the amount in their business bank account.

This sweeping digital payments upgrade aims to:

  • Eliminate transaction fees for consumers.

  • Drastically reduce costs for merchants (compared to card transactions).

  • Support transparency and fight tax evasion.

  • Accelerate the transition to a modern, digital economy.

The initiative is being implemented by the Ministry of National Economy and Finance in partnership with DIAS S.A. (the interbank payment systems operator). It was announced by Minister Kyriakos Pierrakakis and DIAS CEO Stavroula Kampouridou.

How It Works

  • A dynamic QR code will be generated by merchants’ payment terminals (POS).

  • The code contains all necessary transaction details and communicates directly with DIAS and the bank.

  • Consumers scan the QR code using their mobile banking app.

  • The payment is completed instantly — 97% of current IRIS transactions are processed in under 5 seconds.

Key Differences and Benefits

  • Unlike current P2B IRIS payments (limited to €500/day), the new system will have no transaction cap for in-store and e-commerce purchases.

  • It provides an additional payment method at checkout alongside cash and cards.

  • From November 1, 2025, consumers will choose between:

    1. Cash

    2. Card

    3. IRIS Payment via QR code

Adoption and Growth Metrics

Between January 1 and April 27, 2025:

  • IRIS P2B (consumer to professional) saw:

    • 563,000+ active professionals.

    • 500,000+ transactions (+374% YoY).

    • Over €36 million in value (+373%).

  • IRIS P2P (person-to-person):

    • Over 3.7 million users (272,000 new in 2025).

    • 22.8 million+ transactions worth €1.25 billion (+111%).

  • IRIS Commerce (business transactions):

    • Over 3.5 million transactions.

    • Value exceeded €1.26 billion (+39.2%).

With upgrades underway on nearly 1 million payment terminals and growing interest from international vendors, IRIS is poised to redefine how Greece pays — fast, secure, and cost-free.

Related Posts