While cash remains popular among Greeks, there is a gradual shift toward electronic transactions.
In 2024, transactions processed through the DIAS interbank system surpassed half a billion euros, contributing to increased VAT revenues.
The IRIS system is particularly gaining traction, facilitating not just peer-to-peer transactions among friends but also payments to businesses.
By 2025, the IRIS system is expected to grow further, with plans to raise the transaction limit to 1,000 euros anticipated to take effect in late June or early July.
Specifically, the limits for two IRIS services will be adjusted:
- IRIS P2P: Set at 500 euros per day for direct peer-to-peer money transfers.
- IRIS P2B: Set at 500 euros per day for payments to freelancers and sole proprietors.
Pan-European Network
Within a year, IRIS will be linked with the pan-European cross-border payment framework, the European Payments Alliance (A2A EuroPA Project).
With the addition of 4 million new IRIS users in Greece, the total EuroPA user base will reach 105 million across 10 European nations: Italy, Spain, Portugal, Greece, Poland, Norway, Denmark, Finland, Sweden, and Andorra, with several other countries in the process of joining.
This integration will allow IRIS to interconnect with national payment systems in these countries, enabling cost-free cross-border payments.
