IRIS goes beyond the borders of Greece: what will change in payments

IRIS Payments is preparing to expand its capabilities: Users are promised cross-border transfers across Europe and contactless payments from their phone without a physical card.

The head of business development spoke about the new functions ΔΙΑΣ Andreas Mantis on 13th Banking Forum. We are talking about two key changes: cross-border transfers through EuroPA and contactless payments NFC without a physical bank card.

IRIS transfers abroad

The first new feature concerns instant transfers between users in different European countries. Through initiative EuroPA Greek users will be able to send money from their mobile phone to users of similar services abroad.

It is expected that the possibility of cross-border transfers will become available from the end June. Money will be transferred directly from bank account to bank account, without using a card.

Integration IRIS to the network EuroPA must create a broader European instant payments system that brings together 100 million users V 10 countries.

The main goal is to make transfers abroad as easy and inexpensive as domestic payments in Greece. Well, yes, Europe has finally decided that transferring money to its continental neighbor should not feel like a 19th-century diplomatic mission.

NFC payments without a physical card

The second major change is the launch of contactless payments via NFC in physical stores.

The new service is expected to become available at the end of 2026 or at the beginning 2027. It will allow consumers to pay for purchases directly from their smartphones through applications Walletwithout the need to use a plastic bank card.

Actually IRIS is trying to go beyond a simple transfer service and become a full-fledged platform for everyday payments – both in Greece and in other European countries.

What will this change for users?

If the launch is successful, users will receive several practical benefits:

• fast transfers abroad from your phone;
• payments directly from the accountwithout a bank card;
• less commissions during daily operations;
• contactless payment via smartphone in stores;
• single European format fast payments.

For banks and the payment infrastructure, this means increased competition with card schemes and large international payment services.

Editorial comment

Extension IRIS shows that Greece is gradually being drawn into the new European payments architecture, where money should move faster, cheaper and directly between accounts.

At first glance, this is simply convenience: fewer cards, fewer commissions, faster transfers. But behind this lies a more serious process – Europe’s attempt to reduce its dependence on traditional card networks and large international payment players.

If IRIS will truly be able to work outside Greece as easily as inside the country, this will be an important step for small businesses, freelancers, family transfers and everyday payments.

However, there is a downside. The more payments pass through digital systems, the more important issues of control, security, data protection and access to infrastructure become. Convenience always comes with a tail of new risks. Humanity, unfortunately, has not yet invented a technology that simultaneously simplifies everything and does not complicate anything.

Conclusion: new features IRIS could significantly change everyday payments in Greece. But the main question will not only be the speed of transfers, but whether the system can become a truly convenient, reliable and transparent alternative to cards and international payment platforms.

Source link