Greece expands IRIS payments with higher transfer limits instant settlement and upcoming EU wide connectivity starting January 15, 2026. Credit: Wikimedia Commons / European Commission / CC BY 4
Beginning January 15, Greece will introduce a major upgrade to its IRIS instant payment system, significantly expanding how individuals and businesses transfer money directly through mobile devices.
As a result, the upgraded framework will support larger transactions with real time settlement. At the same time, it will further reduce reliance on card payments and traditional bank transfers, while accelerating daily financial activity across the economy.
Greece expands IRIS payment limits for individuals and self-employed professionals
Under the revised rules, private individuals will be able to transfer up to 1,000 euros per day. In addition, the same daily limit will apply to payments made to freelancers and sole proprietors, enabling professionals to receive funds instantly without processing delays or added transaction costs.
To ensure system stability, Greece will also introduce a monthly cap of 5,000 euros ($5,841) for person-to-person transfers.
Unlimited monthly transfers for businesses
In contrast, there will be no monthly limit on payments made to businesses. This change will reshape payment collection practices, particularly for merchants and service providers, who will benefit from immediate bank-to-bank settlement.
Moreover, the upgrade builds on existing IRIS Commerce infrastructure, which already operates across physical retail locations and online stores nationwide.
Faster payments for everyday use
With higher limits and instant processing, IRIS is set to manage a larger share of everyday transactions. Consequently, payments between friends and family, professional fees, and routine service settlements will move in real time without the fees or waiting periods typically associated with card networks or legacy banking channels.
Currently, IRIS supports transactions at every point of sale and online retail platform in Greece, further reinforcing its role as a core payment method in daily commerce.
Strong adoption and growing volumes
Greece has quickly become the first European country to achieve nearly universal deployment of instant bank-to-bank payments across all points of sale. Notably, in early December, instant payments accounted for approximately 40 percent of all credit transfers nationwide, exceeding the Eurozone average.
Looking ahead, projections show that, by the end of 2025, IRIS will process around 120 million transactions with a combined value of 11 billion euros ($12.8 billion) of which approximately 4.5 billion euros ($ 5.25 billion) is expected to flow through IRIS Commerce, which operates across 1.2 million POS terminals and nearly 70,000 e-shops.
Cross border transfers for Greece’s IRIS payments set to launch in 2026
In early 2026, IRIS will connect with other European instant payment systems through the EuroPA and EPI network. Initially, the platform will support cross border transfers between private individuals within the European Union, marking a major step toward fully integrated EU-wide instant payments.
Overall, these developments place Greece at the forefront of digital payments innovation in Europe and position IRIS as a foundational platform for the next phase of real-time financial transactions.