Although Greeks love cash, they gradually turn to electronic transactions.
In 2024, the value of transactions through the DIAS interbank system exceeded half a billion euros, while also increasing public revenues from VAT.
The IRIS system in particular is expanding more and more, not only in transactions between friends but also in transactions with businesses.
In 2025, it is estimated that the IRIS system will further increase as the decision to extend the transaction limit to 1,000 euros is expected to be implemented at the end of June and the beginning of July.
More specifically, the limits for two of the IRIS products will be increased:
- RIS P2P: Limit of 500 euros per day for direct money transfers between friends.
- IRIS P2B: Limit of 500 euros per day for direct payments to freelancers/sole proprietorships.
Pan-European system
IRIS will be interconnected with the pan-European cross-border payments scheme European Payments Alliance (A2A EuroPA Project) within a year.
Following the addition of 4 million Greek IRIS users, the total EuroPA user base will reach 105 million from 10 European countries: Italy, Spain, Portugal, Greece, Poland, Norway, Denmark, Finland, Sweden and Andorra, while several more countries are already in the process of joining this project.
This will enable the interconnection of IRIS with the respective national payment systems in the above countries, facilitating cross-border payments at zero cost.
