IRIS: The government’s plans for 2025 changes to the electronic transactions and payments system

Changes are coming from the new year to the payment system IRIS, which is one of the basic tools to combat tax evasion.

The IRIS payment system is planned to be further expanded in terms of its use.

The Plan for IRIS

Specifically, the mandatory application of it to the entire market, the extension of the transaction limit to 1000 euros and the interconnection of cash registers with the IRIS system are being promoted.

Thus Greece will implement, earlier, the full implementation of the relevant European Regulation 2024/886, which provides for the universal extension of the possibility of direct payments until October 2025.

Indeed the regulation approved by the E.U. It will be implemented by all European banks and provides that fees for money transfers will be lower than those for non-direct payments. In Greece, the existing regime currently allows free money transfers of up to 500 euros per day and payments in shops.

It is noted that compared to traditional remittances, direct payments are completed in seconds, with the amount credited immediately.

In detail, the three main changes are:

• The IRIS application will become mandatory for the entire market from April. So far, its application is mandatory for the self-employed, for freelancers to accept payments through the specific process, which ensures zero commissions up to 500 euros to the traders. Today approximately 550,000 professionals provide this possibility to their clients.
• Extension of the transaction limit to 1000 euros. The Ministry of National Economy is on an open line with the banks and has addressed recommendations to the banking industry so that the transaction limit from the current 500 euros to 1,000 euros
• Interconnection of the cash registers with the IRIS payment system is planned by the government to implement so that every time a direct payment is made, the receipt is issued at the same time. A first unofficial goal, according to competent sources, is for the interconnection to take place by the summer of 2025.

It is noted that the amount of transactions carried out by 2023 reaches 1.9 billion euros (a 191% increase compared to 2023) and is growing exponentially as it is an inexpensive way to transfer money up to 500 euros per day.

From the beginning of the year until the end of October, 34 million transactions were carried out, with approximately 3.68 billion euros in value, showing an increase of 150% and 116% respectively compared to the corresponding period in 2023.