Use of the Iris payment system – launched by the country’s systemic banks in tandem with the state – skyrocketed this year, according to the finance ministry on Thursday, with roughly one in every two people in the country with active bank accounts registered, i.e. more than three million users.
Transactions through the Iris payment system, usually via smartphones, reached 34 million, with a value of 3.7 billion euros – a whopping 150% increase compared to 2023.
So far, no fees have been tacked on by banks to Iris transactions, with consumers and businesses alike still weary of bank fees burdening POS transactions.
The latest addition to the system are self-employed professionals and freelancers – everything from civil engineers to craftsmen to private tutors – who were obliged by the state to register in order to receive payment by clients in this very transparent manner.
In the announcement, the relevant ministry also reminded that the commission charged for small retail POS transactions of up to 10 euros was cut by half, with the maximum limit set at 0.5% of the value for the next three years.
The center-right Mitsotakis government has previously pressured Greece’s four systemic banks and a small number of non-systemic banks to reduce commissions on POS transactions.
