Skip to main content

Expansion of IRIS payment system by the end of 2024

The IRIS payment system is expected to be extended to all businesses by the end of the year.

However, as competent sources underlined to “Naftemporiki”, this extension is not expected to be combined with an increase in the transaction limit through IRIS which amounts to 500 euros.

The fact that the commission imposed on professionals for transactions through IRIS does not exceed 0.5%, lower than the fees for card transactions, is expected to be a powerful weapon in the hands of the financial staff in the effort to reduce the burdens that businesses have for POS payments.

850,000  professionals and self-employed should have added it by June 30

It is worth noting that by June 30, 850,000 professionals and self-employed people should have added IRIS to their customer payments. As of June, non-acceptance of direct payments will result in a fine of 1,500 euros.

Although it started as an easy transfer of cash between friends via mobile, without commission, this particular system is now becoming widespread among freelancers and self-employed people who have to accept direct payments.

The low commissions

Commissions imposed on professionals (for clients there is no commission) have decreased and do not exceed 0.3%-0.5% compared to 2% until recently. That is, for a transaction amounting to 500 euros, the maximum amount that banks charge as commission does not exceed 2.5 euros.

These fees are considerably lower than the fees for paying by card.