“Instant digital payments are changing not only the way we conduct transactions, but also the way the economy will function in the future. In Greece, IRIS is perhaps the most striking example of this transition,” noted Kyriakos Pierrakakis while speaking at the “Payments 360 Conference 2026, powered by DIAS.”
In just a few years, it has moved from the phase of technological feasibility to that of actual, everyday use, proving something extremely important: that in the digital economy, success is not measured by how advanced a technology is, but by how organically that technology is integrated into the daily lives of citizens and businesses.
I believe the figures speak for themselves.
- Today, more than 4.6 million citizens use IRIS for instant money transfers between individuals, a figure that has increased by 760,000 compared to a year ago.
- In addition, 600,000 self-employed professionals and sole proprietorships can now receive payments directly via mobile phone and their tax identification number.
- In 2025, the value of transactions processed through IRIS reached 10.9 billion euros, marking a 70% increase compared to the previous year.
What these numbers reflect, however, goes deeper than just an impressive statistical increase. They document a fundamental shift in behavior. Citizens and businesses are recognizing in practice the advantages of instant payments: transactions that are free of charge for consumers, with very low fees for merchants, and with a speed and simplicity that meet the needs of the modern economy. Thus, the economy is gradually shifting toward a model that is direct, transparent, and efficient.
In fact, when we look at the big picture, we can appreciate the magnitude of this change even more clearly. In 2025, interbank transactions totaling 544.4 billion euros were routed and settled through DIAS—an amount equivalent to 2.2 times Greece’s GDP— a figure that clearly demonstrates that payment infrastructures do not operate on the periphery of the economy but, on the contrary, constitute a major part of its core.
This progress did not happen by chance. It is the result of a coordinated effort:
- the government, which established the appropriate institutional framework,
- DIAS, which developed and strengthened this critical infrastructure, but
- the banks, acquirers, and technology solution providers, who brought this capability to the real market.
It is precisely this collaboration that allows us today to speak of a true success story for the Greek digital economy.
However, this progress is no reason for complacency. On the contrary, it presents us with a new challenge. The first major hurdle was the availability of the technology. The next—and perhaps most important—is its widespread, everyday use. Mandatory implementation was necessary along this path, but mandatory implementation alone is not enough. True adoption is achieved in practice when the user experience becomes simple, fast—I would even say almost invisible to the user.
This is precisely where the greatest challenge lies today. Despite significant technical readiness, the use of IRIS at physical points of sale remains limited, with approximately 55,000 transactions per month. This means that the challenge now lies not so much in the technology itself, but in turning this capability into an everyday habit.
The role of banks, acquirers, and the market as a whole is becoming absolutely crucial. The fact that the government has legislated the use of IRIS is just one piece of the puzzle. The second is for banks and acquirers to contribute further by providing incentives to boost its use.