Everything you need to know about IRIS: Direct Payment System "comes" into business

The Ministry of Economy and Finance is expected to extend the IRIS mobile direct payment system to business-to-business payments from 1 December 2024.

Let us remind you that a total of 650,000 freelancers and self-employed persons are already required to accept payments through IRIS from January 1, 2024 from individuals.

It is noted that with the connection of IRIS to mobile banking, consumers have the opportunity to make payments of up to 500 euros daily and without additional fees, simply by entering the VAT number or the mobile phone number of a specialist.

The direct payment system is especially beneficial to consumers:

• They only need to know the mobile phone number or VAT number of the specialist, not the account number.
• Within a few seconds, the transaction process is completed and the payee is immediately informed.
• The bank does not charge a fee for transferring transactions

IRIS secure transaction system

It should be noted that the IRIS service is offered by Alfa Bank, National Bank, Eurobank, Piraeus Bank and the Cooperative Bank of Epirus.

Interested consumers wishing to avail of this service must complete the following actions:

• First, you need to go to the payment page of the online store on your laptop/desktop computer,
• You should then select IRIS Payments, after which two options will appear: payment through your bank’s e-banking and payment through the mobile banking application by scanning the QR code.
• Once the buyer has chosen to pay using a QR code, he must:
• Scan the QR code displayed in the online store using the mobile banking application.
• Select the account from which the purchase amount will be debited. They do not need to enter the amount as it is entered automatically.
• Confirm the transaction and receive instant purchase notification on the online store page on your laptop/desktop.

The service allows you to pay for purchases in an online store by debiting funds from a payment account through electronic or mobile banking of a citizen’s bank and at the same time paying debts in the institution’s electronic collection environment (for example, AADE) by debiting funds from a payment account through electronic or mobile banking.

In this case, businesses and freelancers receive debts from their clients within a few seconds, since the corresponding process is completed quickly and the first immediately receive notification of the completion of the operation.

Reference

Notably, IRIS registered over 2 million users in the country in 2023, up from 525,000 in 2020.

Moreover, in the 10 months of 2023 (January – October), a significant increase of 268% compared to 2022 and 2,520% compared to 2020 was recorded.

But of particular interest are data on the use of IRIS in Europe. As noted, in Europe, more than half of card transactions (19 out of 36 billion euros) are now carried out contactless, while direct debit payments grew by 14.4% to 4.4 trillion euros, and electronic money payments by 12.2 % up to 0.3 billion euros.

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