November 9, 2024

Athens News

News in English from Greece

IRIS: increase in daily transaction limit from 500 to 1000 euros


The Ministry of Finance asks banks to increase the limit for transactions through the system IRIS up to 1000 euros. Of this, 500 euros will be for money transfers between individuals and 500 euros for the purchase of goods and services through POS.

In the first months of mandatory acceptance of mobile transactions, half a million payments by professionals through the IRIS system have already been recorded. In particular, in October alone, the volume of transactions among self-employed individuals was estimated to exceed 100,000, while in the same month last year it was only 7,275.

The issue of doubling the limit of permitted payments from 500 to 1000 eurosas well as the general distribution of the system to all enterprises. Banks are expected to decide in the next few months whether the limit will ultimately be increased.

It is noted that 551,000 specialists have already installed IRISof which 395,000 activated it during the year. By October 21, more than 474,000 transactions had been completed, totaling €35 million.

The main goal is to develop the system IRIS as a national payment system, in order to fully harmonize it with the corresponding direction that other European countries are “building”.



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