Definition and basic characteristics

IRIS Payments is an innovative online payment service that offers fast, easy and secure financial transactions. Key features of IRIS include:

• Money transfers between friends and payments to professionals

• Use of mobile phone or QR code for transactions

• Free activation via NBG Mobile Banking app

• Ability to transfer up to 500€ per day without IBAN

• Immediate credit to the recipient's account

The service has gained particular popularity among young people aged 18-34, with a significant increase in transactions in 2023.

Partner banks

IRIS Payments is supported by DIAS, with the support of the Bank of Greece and Greek banks. National Bank of Greece (NBG) is one of the main partner banks, offering the service through NBG Mobile Banking and Internet Banking. In addition, Eurobank is an active participant in the IRIS system, allowing users to receive funds even if they have not activated the service.

Transaction limits and costs

IRIS Payments offers attractive terms for its users:

• Free transfers up to 500€ per day

• Ability to carry out one or multiple transactions within the limit

• No charge for transactions between different banks

• Instant money credit at no extra cost

These conditions have contributed to the widespread adoption of the service, with 2.2 million registered users by the end of 2023 and 20.4 million transactions.

Now that we've covered the basic features, partner banks and transaction limits of IRIS Payments, we'll look at how IRIS works for individuals, providing a more detailed insight into how everyday consumers use the service.

Now that we've covered what the IRIS Payments, let's see how this service works for individuals.

Activation of the service

Activating IRIS for individuals is a simple process that is done through your bank's mobile banking application. For example:

• The National Bank: Log in to NBG Mobile Banking and follow the activation instructions.

• At Alpha Bank: open myAlpha Mobile, select "IRIS Payments" and follow the steps to register accounts and contact details.

• At Eurobank: when you first log in to the Eurobank Mobile App or via the settings later.

The procedure is free of charge and allows you to link your bank accounts to the IRIS service.

Sending money to friends

IRIS simplifies money transfers between friends:

1. Select the recipient from your mobile contacts or enter the phone number.

2. You do not need to know the IBAN of the recipient.

3. You can send up to 500€ per day without any fees.

4. The transfer is completed almost instantly, usually within a few seconds.

If the recipient has IRIS activated, the money is automatically credited to their account. Otherwise, he receives an SMS with instructions to enter his IBAN.

Payments to professionals

IRIS also facilitates payments to professionals:

• You can pay by scanning a QR code or using the professional's VAT number.

• Transactions are secure and comply with the European SEPA Instant Credit Transfer system.

• Receive immediate notification of the completion of the transaction via push notifications.

In this way, IRIS makes everyday transactions easier and faster for individuals.

Having looked at how IRIS works for individuals, we will now look at how this service can be used by businesses to facilitate their transactions.

Now that we've covered how IRIS works for individuals, let's look at using the system for businesses.

Ενεργοποίηση για ελεύθερους επαγγελματίες

From January 2024, all self-employed persons will be obliged to accept payments via IRIS. This is an important step to enhance the speed and security of transactions, while reducing the reliance on cash. The activation of IRIS varies depending on the bank:

• At the National Bank of Greece, users can activate it through the application's profile settings.

• At Piraeus Bank, the activation is done through the winbank application.

Receive payments via VAT or QR code

Businesses can receive payments via IRIS using:

1. The Tax Identification Number (TIN) of the company

2. A unique QR code

This method allows customers to make instant payments without the need for IBAN or cash, facilitating transactions 24/7.

Obligations of undertakings

Οι επιχειρήσεις έχουν συγκεκριμένες υποχρεώσεις όσον αφορά τη χρήση του IRIS:

• From April 2025, the implementation of IRIS will be mandatory for all businesses.

• The transaction limit will be raised to €1,000, in cooperation with banks.

• By the summer of 2025, it is planned to interconnect cash registers with IRIS, ensuring that every payment will be accompanied by a receipt.

The fees for using IRIS depend on the bank and the type of transaction. Businesses may be charged small fees, although banks adjust their charges to promote the use of the system.

With these measures, IRIS is expected to contribute significantly to increasing electronic transactions and reducing the dependence on cash in the Greek market.

Having looked at the use of IRIS for businesses, we will now look at the advantages that this payment system offers to both consumers and businesses.

Having looked at the use of IRIS for businesses, let's now look at the major advantages offered by this payment system.

Α. Speed and ease of transactions

Το IRIS έχει φέρει επανάσταση στις τραπεζικές συναλλαγές, προσφέροντας:

• Instant money transfers 24/7

• Ability to make payments without knowing the IBAN of the recipient

• Use of alternative identifiers such as a mobile phone number or VAT number

• Zero fees for transactions up to €500

These features have led to an increase in transactions of up to 300% in 2023 compared to the previous year.

Β. Security and protection of personal data

IRIS places great emphasis on the security of transactions:

• Confirmation of transactions through biometric data

• Ensuring the protection of personal data

• Support from the Bank of Greece and Greek banks

Γ. Immediate information on transactions

The IRIS system ensures that users are immediately informed:

• The recipient is immediately notified of incoming funds

• Direct crediting of the account without extra charge

• For unregistered users, an SMS is sent with instructions for receiving the money

These advantages have led to an impressive increase in users, with 2.2 million registered users by the end of 2023 and 20.4 million transactions, 26 times higher than in 2020.

Having understood the important benefits of IRIS, let us now look at the payment process through this system to see how these benefits are applied in practice.

Now that we have covered the advantages of IRIS, let's take a closer look at the payment process through this system.

Α. Select IRIS in the online store

When completing your purchases in an online store, you will see the IRIS payments option as a payment method. By selecting it, you will start the payment process through the IRIS system.

Β. QR code scanning or bank branch selection

After selecting IRIS, you have two options:

1. QR code scanning: the system will generate a unique QR code for your transaction.

2. Choice of bank: Alternatively, you can choose your bank from a list of partner banks, such as:

   • Piraeus Bank

   • Alpha Bank

   • Εθνική Τράπεζα

   • Eurobank

   • Viva

Γ. Completion of a transaction via e-banking

The final phase of the process includes:

1. Transfer to your bank's secure e-banking environment.

2. Confirmation of the details of the transaction.

3. Enter the payment amount.

4. Final approval and completion of the transaction.

Είναι σημαντικό να σημειωθεί ότι οι πληρωμές μέσω IRIS πραγματοποιούνται 24/7 και η διαδικασία είναι γρήγορη και εύκολη. Το καθημερινό όριο συναλλαγών είναι 500€, εξασφαλίζοντας την ασφάλεια των χρηστών.

In this way, IRIS offers a simplified and secure method for electronic payments, contributing to the digitalisation of transactions. This leads us to the next important issue: how IRIS contributes to the fight against tax evasion, an issue we will examine in detail in the next section.

Now that we have covered the IRIS payment process, let's look at the important role this system plays in the fight against tax evasion.

Linking business accounts

IRIS is a powerful tool for tackling tax evasion, with the mandatory connection of business accounts to the system. From 1 December 2024, professionals will have to:

• Accept direct payments from consumers via IRIS

• Link their business accounts to the system

• Allow customers to request payments via IRIS

This initiative aims to reduce cash transactions and boost electronic payments, promoting transparency in financial transactions.

Transaction monitoring

IRIS allows effective monitoring of transactions, helping to combat tax evasion in the following ways:

1. Direct recording of transactions

2. Interconnection of cash registers with the IRIS system (scheduled to be completed by summer 2025)

3. Automatic issue of receipts for each payment

These functions ensure that all transactions are recorded and controlled, reducing opportunities for tax evasion.

Increase in tax revenue

The implementation of IRIS is expected to have a significant impact on tax revenues:

• Increase in tax revenue

• An increase in public revenues of €2 billion per year is foreseen

• Improving tax compliance, especially for low-income earners

The government seeks to use new technologies and electronic transactions to reduce tax evasion without imposing higher taxes on citizens. IRIS is a key pillar of this strategy, helping to create a fairer tax system for all professionals.

IRIS is an innovative payment service that offers multiple benefits for both individuals and businesses. With the possibility of direct money transfers via mobile phone, without the need to know the IBAN, and with a daily limit of €500, IRIS simplifies everyday transactions. For businesses, it offers secure and fast payments, while helping to combat tax evasion.

The ease of activation and use of IRIS, combined with the support of the largest banks in Greece, makes it an attractive option for digital transactions. As technology continues to evolve, services such as IRIS are expected to play an important role in shaping the future of electronic payments in our country.