If you’ve been to Greece in recent years, you’ve likely seen how quickly digital payments have taken over. Even small cafés and village kiosks now accept cards. But behind the familiar card terminals, Greece has been developing something of its own: IRIS, an instant-payment service created by DIAS, the national interbank network.
Most people know IRIS as the feature you activate in your Greek bank’s mobile app to send or receive money instantly. What comes next is broader. DIAS is preparing to link IRIS with similar instant-payment systems across Europe, making it possible to move money between countries just as quickly as within Greece.
For Greek Americans, this only matters if they hold a Greek bank account. But for anyone who lives, works, or spends long stretches of time in Greece, these changes will shape how everyday transactions happen.
IRIS Moves Toward Europe-Wide Integration
DIAS is part of EuroPA, a collaboration that connects national instant-payment networks. The long-term goal is to let someone traveling abroad make an instant purchase using their usual banking app — similar to how mobile roaming works.
The first step is planned for mid-2026, when IRIS will begin connecting with systems used in parts of Southern Europe. Over time, the network will expand into additional Western, Northern, and Central European countries. Instead of relying on card networks, a person abroad could eventually pay a Greek business instantly using their home country’s system.
Greece and Cyprus are already covered by DIAS, and the vision is a seamless instant-payment environment that, when fully connected, will serve more than one hundred million people.
Where IRIS Stands Today
According to DIAS CEO Stavroula Kampouridou, IRIS has reached a scale that sets the stage for European expansion:
- 4.2 million people in Greece actively use IRIS
- About 571,000 registered professionals and self-employed workers accept IRIS
- Between 7,000 and 8,000 online stores support IRIS
- Roughly 700,000 active POS terminals are in use across Greece, most of which are being updated through software to support IRIS Commerce
These numbers, according to DIAS, reflect how quickly instant payments have become part of everyday life.
December 1, 2025: IRIS Becomes Mandatory in Greek Stores
Beginning December 1, 2025, all physical shops and online businesses in Greece must be able to accept IRIS Commerce. Any business that already has a POS terminal will need to support this additional instant-payment method.
Here’s what that looks like at checkout:
- The cashier selects IRIS on the terminal.
- A QR code appears — either on the screen or printed on receipt paper for older devices.
- The customer scans it using their Greek bank’s mobile app.
- The payment clears within a few seconds.
Funds do not sit in “pending” status the way they often do with cards. Money moves directly from the customer’s account to the merchant’s account almost instantly.
Authorities have announced a transitional period, especially for smaller businesses, during which the emphasis will be on helping shops comply rather than issuing immediate fines.
Why This Matters for Businesses
IRIS brings two major benefits:
1. Faster cash flow
Payments arrive within seconds, helping small shops, cafés, freelancers, and service providers manage daily expenses and supplier payments more easily.
2. Real-time tax reporting
Every IRIS payment is automatically transmitted to Greece’s tax authority, the Independent Authority for Public Revenue (AADE).
Greece now has one of the most integrated real-time digital reporting systems in Europe.
What About Costs for Businesses?
Upgrading systems to support IRIS Commerce does involve expenses, though the amounts vary depending on each shop’s provider. Costs may include:
- software updates for existing POS terminals
- optional hardware replacements for older devices
- monthly service fees charged by banks or payment providers
Business associations have expressed concern about the cumulative cost of required upgrades, but the actual amount differs widely from one provider to another. The government has stated that banks and POS companies are expected to support merchants during the transition to prevent the requirements from becoming a financial burden.
What IRIS Means for Consumers in Greece
For consumers, IRIS becomes a second digital option alongside traditional cards.
- You must activate IRIS inside your Greek bank’s mobile app before using it.
- Payments clear within seconds.
- You don’t need to type a card number, enter an IBAN, or share any account details — you simply scan and approve.
- It can be especially useful in areas where card-terminal connectivity is unreliable.
IRIS is not replacing cards; it simply joins them as another payment method that every business must offer.
A Step Toward a More Connected Europe
Kampouridou described the future of IRIS as similar to the early years of mobile roaming: first national compatibility, then cross-border use.
As IRIS integrates with other European instant-payment networks, people who divide their lives between Greece and another European country may eventually pay the same way everywhere — using the same app, with no delays and no dependency on card settlement times.
Greece’s digital transformation has accelerated over the past five years. With IRIS becoming mandatory and preparing for European integration, the country is placing itself at the front of a faster, more transparent, and more modern payment landscape.
For anyone who lives or spends significant time in Greece, the way everyday purchases are handled is about to become simpler, quicker, and far more efficient.
Featured image: A customer scans a QR code to pay through IRIS at a local bakery in Greece, where instant payments are becoming mandatory across all shops.
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