Expansion of Instant Payments in Greece
Instant payments have seen a significant boost in popularity in Greece, with regulatory authorities now aiming to elevate transaction limits and integrate the domestic IRIS payments system with European Union counterparts.
Under the new regulations, consumers, freelancers, and sole proprietors can send up to 1,000 euros (approximately $1,167) daily through IRIS, a doubling from the former cap of 500 euros. A monthly ceiling of 5,000 euros ($5,841) will be applied for person-to-person transactions; however, there is no limit on payments to businesses.
The intention behind these adjustments is to bolster IRIS’s market presence and decrease reliance on card-based transactions, which often experience slower processing times and higher fees. The regulatory body anticipates that such changes could ease financial burdens on merchants while fostering economic growth.
High Demand for Instant Payments in Greece
The demand for instant payments within Greece is already considerable, with real-time transactions accounting for around 40% of all transfers during early December. This percentage far surpasses the average rate of instant payment usage across the Eurozone.
Greece has set a precedent by becoming the first EU country to nearly achieve universal acceptance of real-time payments at retail points of sale, largely due to regulatory measures mandating that all businesses support IRIS instant transactions. Similar mandates have driven the development of other leading real-time payment systems globally, such as India’s UPI and Brazil’s Pix.
International Reach for IRIS
Looking ahead, Greece plans to further extend IRIS’s scope. This year is expected to see IRIS integrate with other European instant payment systems via the EuroPA and EPI networks, aiming to streamline cross-border transfers which have often proven challenging in the region.
The EuroPA alliance comprises mobile payments leaders collaborating with banking consortiums like the European Payments Initiative (EPI) to explore interoperability across 15 European countries. This initiative centers on the Wero digital wallet designed as a universal payment hub.
The overarching goal is to enable EU citizens to use their preferred real-time payment systems, both domestically and internationally.
