Hatzidakis: IRIS direct payment system now a part of daily life for three million

Use of the IRIS direct payment system soared during 2024, according to the economy and finance ministry, with one in every two citizens with an activated web banking account - more than three million users

Use of the IRIS direct payment system soared during 2024, according to the economy and finance ministry, with one in every two citizens with an activated web banking account – more than three million users – having linked their accounts to the system. The transactions carried out via the IRIS system in 2024, meanwhile, rose to 34 million and their value reached 3.7 billion euros, an increase of 150% and 116%, respectively, relative to the previous year.

“The IRIS direct payment system is now part of the daily life of more than three 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 regarding 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,” Economy and Finance Minister Kostis Hatzidakis said in the announcement.

Promoting the systematic use of the IRIS system for day-to-day transactions is among the actions undertaken by the ministry in order to reduce transaction costs and boost competition in the banking sector. To this end, it has: 1) Made it mandatory for all self-employed and freelance professionals to register with the system in order to receive payments from their customers, with inspections by the authorities to begin in October. 2) Reduced the commission charged for small retail transactions of up to 10 euros by half, setting the maximum limit at 0.5% for the next three years. 3) Made clear to banks that they must modernise and have a more customer-friendly commissions policy. 4) Permitted non-bank institutions to provide loans, increasing competition with the banking sector. 5) Proceeded with the merger of Attica Bank and PanCreta Bank, against to increase competition. 7) Allowed the option of investment in state T-bills with zero taxation and high yields, since last year.