The promotion of the systematic use of the IRIS direct payment service for citizens’ daily transactions is part of the initiatives undertaken by the Ministry of National Economy and Finance both to reduce transaction costs as a whole and to strengthen competition in the banking sector. As part of this strategy:
1) It became mandatory for all freelancers and self-employed people to register in the direct payment system (IRIS) in order to accept payments from their clients. Already more than 530,000 freelancers and individual businesses have already registered and those who have not done so can register at any time (it is noted that the controls of the competent authorities will start from the beginning of October).
2) With legislative intervention, the amount of the commission was reduced by 50% for transactions up to 10 euros made via POS in the so-called “Small retail” (kiosks, mini markets, bakeries, taxis, etc.). Thus, for the next 3 years, the upper limit of clearing commission is set at 0.5% for the above transactions.
3) In addition, the Ministry of National Economy and Finance has made it clear to the banks that their procurement framework needs to be modernized and made more citizen-friendly. One bank has already done so, while the movements of the others are awaited.
4) The possibility of providing loans from non-banking institutions was given, which will intensify competition with the banking industry and may lead to a reduction in transaction costs.
5) The merger of the Bank of Attica and Pankritia proceeded, in the context of 5u banking pillar, which will expand competition in the banking industry.
6) Since last year, it has been possible to invest in Treasury bonds with zero tax and with high yields.
The Minister of National Economy and Finance Kostis Hatzidakis stated: “The IRIS direct payment system is now part of the daily life of more than 3 million citizens who conduct free transactions between different banks on a daily basis. It is also a powerful business tool for hundreds of thousands of freelancers and self-employed people who can accept payments through IRIS with much lower fees than POS fees. This initiative of ours, the 50% reduction in fees for transactions up to 10 euros via POS, as well as our interventions to strengthen competition in the banking sector, primarily benefits the pockets of millions of citizens and professionals. They lead to significant reductions in fees and are a response to those who continue to believe that the State is standing idly by on the banks and the issue of transaction costs. The answer, then, is given by us but of course also by the citizens who choose, but can choose, in the future, cheaper ways of trading. This Government has chosen to always align itself with the many and their needs”.
In more detail, based on the official data of DIAS, increased user registrations in the IRIS service are observed in 2024, specifically:
IRIS P2P (for direct payment between citizens)
- Users reached their062.070 of which the 863.000 activated the DIAS Service within 2024. Given that about 6 million citizens have web banking, 1 in 2 citizens today use the service.
- On a daily basis since the beginning of the year, more than 500 citizens.
- Since the beginning of 2024, both the number and value of transactions have tripled to reach 29.3 million value transactions, 1.52 billion euros.
IRIS P2B (for direct payment to freelancers)
- Today users are 033 thousand freelancers and self-employed, of which 365.000 activated the DIAS Service within 2024. More than 24,000 activated the service in August alone.
- The number of transactions increased almost elevenfold (x 10,6) from the beginning of the year reaching approx 322.000.
- Correspondingly, in the same period, their value increased tenfold (x 10) and arrived at 23.7 million euro.
IRIS eCommerce (for payment in an online store)
- By 2024 the number of transactions doubled to over 4.3 million.
- The value of transactions reached the 2.13 billion euros showing an increase 80% from the corresponding period last year.
- The number of e-shops that offer the possibility to pay with IRIS payments is over 000with around 2,500 having activated the service by 2024.
Important benefits for citizens and professionals
The citizens who subscribe to the service absolutely benefit free transactions(either between citizens, or for payments to professionals), easy, fast and secure payment, without IVAN, without card and without cash, just by using their mobile phone.
In addition, signing up for the instant payment service offers to professionals a number of important advantages such as:
- Easy collection of paymentswithout requiring the presence of the customer and without additional equipment (POS).
- Immediate availability of receiptsto the business account 24 hours a day and immediate information via SMS or push notification. Professionals receive the money instantly (in 2 seconds) even if the bank they work with is different from the client’s bank.
- Transaction security:Transactions are carried out in the secure environment of the banks’ mobile banking and with the use of biometric data.
- Low cost of using service:The cost for using the service is extremely low or not at all and ranges from 0% to 0.50% of the transaction amount. That is, it is significantly lower if the same transaction was carried out through the use of POS.
It is also noted that the limit of 500 euros per day for transactions through IRIS is applied per customer and not to the total amount of payments that the professional can receive within 24 hours. For example, a professional can receive in one day 4 payments of 500 euros each (a total of 2,000 euros).
It is reminded that those freelancers who did not register for the service until last Monday, September 2, have the opportunity to do so at any time and benefit from the significant benefits of using the service. It is noted that the controls of the competent authorities will start from the beginning of October.
Step-by-step registration with a few clicks and in a minimum of time
Activation of the service for both citizens and professionals is quick and easy, without the obligation to visit any bank or servicethrough the web banking or mobile banking of partner banks 24 hours a day, 7 days a week.
Especially for the freelancer and the self-employed, through his bank’s Internet Banking, the professional in a few steps:
- Selects the IRIS Payments service from the Services section in Internet Banking.
- It declares the identifier to its customers (TIN).
- Connects the business account to which the money received through IRIS Payments will be credited.
- Upon completing his registration for the service, the company’s unique QR code is generated, which he can share with his customers to scan and make payments to his business.
It is reminded that the IBAN chosen by professionals and self-employed persons during their registration must have been declared in the Register of Professional Accounts of AADE, on the digital portal myAADE (myaade.gov.gr) on the route Applications > Tax Services > Business Account.
A total of 12 banks now provide the service: Alpha Bank, National Bank, Eurobank, Piraeus Bank, Cooperative Bank of Epirus, Viva.com, Optima Bank, Attica Bank, Pankritia Bank, Cooperative Bank of Thessaly, Cooperative Bank of Karditsa and Cooperative Bank of Chania.
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#Hatzidakis #IRIS #part #daily #life #million #citizens
