Greece Launches Nationwide Iris Payment System, Set to Revolutionize Europe
Greece is set to revolutionise its payment landscape with the nationwide rollout of the Iris system, starting November 1, 2025. This free online payment platform, initially successful on a national level, is poised to expand across Europe by mid-2026.
The Iris system, which requires only a mobile phone number for transfers between individuals, will initially allow up to 500 euros per day in Greece. This limit will be doubled to 1,000 euros for individual payments, with a monthly cap of 5,000 euros, effective from November 1, 2025.
All freelancers and businesses in Greece will be mandated to use the Iris system starting the same date. The system, which has made significant progress nationally, will be linked to all systemic banks and connected financial institutions in the country.
Looking ahead, the Iris system is expected to be available in other European countries by the first half of 2026, with ten European nations participating. With its ease of use and lack of fees, Iris could soon be accessible throughout the European Economic Area. Greek banks are already exploring cooperation with those from Portugal, Spain, and Italy for a wider adoption.
The Iris system, set to become mandatory for all Greek businesses by 2025, is not only transforming the country's payment landscape but also paving the way for a pan-European payment revolution. Meanwhile, the European Payment Initiative (EPI) is launching its own system, Wero, adding another player to the evolving payment scene.
Read also:
- Industrial robots in China are being installed at a faster rate than in both the United States and the European Union, as the global market for these robots faces a downturn.
- NATO's Massive Naval Drill Shows Unity Against Russian Aggression
- Undeads Games Reaches $30 Million TVL and Gears Up for MMORPG Debut
- Hyundai N affirms transition to hybrid performance-centric models, initiating with Tucson N
