Instant payments have gained rapid traction in Greece, and regulators are now moving to both increase the transaction limits and integrate the domestic IRIS payments system with other platforms across the European Union.
Under the new rules, consumers, freelancers, and sole proprietors will be able to transfer up to 1,000 euros (roughly $1,167) per day via IRIS, doubling the previous limit of 500 euros. Additionally, Greece will also introduce a monthly cap of 5,000 euros ($5,841) for peer-to-peer transfers. However, there is no monthly cap on payments made to businesses.
The objective of these enhancements is to grow IRIS’ market share and reduce dependence on card payments, which tend to settle more slowly and carry higher transaction fees. Regulators expect these changes to ease cost pressures on merchants and help stimulate the broader economy.
A Common Theme
Demand for instant payments in Greece is already substantial. In the early weeks of December, real-time payments accounted for roughly 40% of transfers in the nation, far exceeding the average for instant payments usage in the Eurozone.
Greece has also become the first European country to achieve near-ubiquitous real-time payments acceptance at points of sale. This feat was driven in part by regulatory action, as the government recently mandated that all businesses support IRIS instant transactions.
Such mandates have been a common theme behind the emergence of many of the world’s leading real-time payments systems, including India’s UPI and Brazil’s Pix.
At Home and Abroad
Looking ahead, Greece is planning to further expand IRIS’ reach. Early this year, IRIS is expected to connect with other European instant payment systems through the EuroPA and EPI networks. The goal is to facilitate cross-border transfers, an area that has often presented challenges across the region.
The EuroPA alliance—a group of mobile payments leaders—has already partnered with banking consortium the European Payments Initiative (EPI) to explore interoperability across systems in 15 European countries. This initiative is largely centered on the Wero digital wallet, which is designed to function as a universal payments hub.
Ultimately, the goal is to allow EU consumers to pay using their preferred system—such as IRIS—both domestically and abroad.
