New data come to both individuals and businesses due to the explosive rise in transactions through the payment system . IRIS changes both data in general and in the procurement of banking transactions. What IRIS IRIS pays, powered by DIAS, is a payment service with three products, supported by the company Dias (shareholders are the Bank of Greece and banks) and enables direct transfers of money via mobile phone and payment of obligations and/or payments to eShops within Greece. Three are the products of IRIS payments – IRIS Person to Person: direct transfer between individuals: IRIS P2P addresses all mobile banking applications users and allows the direct transfer of money between banks (up to 500 euros a day free of charge). Example given by the Dias: You are with a company in a restaurant the payment process can prove a small adventure, as paying for example one – one of the company with his card, holding the waiter up, or having to have cash or looking to find the nearest ATM of his bank, presuppose time, energy and paper spending. Unnecessary procedures that are eliminated thanks to the IRIS Person to Person service, as one of the company pays by using cash or card and the rest of them directly transfer the amount they account for using a mobile number. Caution: Registration with personal bank account – IRIS Person to Business: I pay for an individual business or a freelancer instead of cash instead of a card. IRIS P2B allows the direct transfer of money from the individual (free) to the professional or small enterprise (either free or at a low charge of 0.3% – 0.5% of the amount of the transaction). Example, you want to pay the visit to your doctor, plumber or electrician who carried out a technical work at your home, the services of the trainer, hairdresser, lawyer or notary as well as any freelance professional with whom you deal in your everyday life. The payment experience is exactly the same as that of payment to a friend with his mobile number or his VAT number or even faster you scan his IRIS QR. Payment is made directly, with absolute security, without the need to have a POS device or cash, the professional is paid at the same time, on the spot, and most importantly, by direct credit to his account. For the customer’s part, when paying the professional with IRIS the costs are taxed as they are declared in the tax-free construction process. Attention: Registration of professional with professional bank account. – IRIS Commerce: IRIS Commerce: It concerns payment to an online store, allowing e-markets to be made either by the mobile using mobile banking or by desktop/laptop with QR code scanning capability or via e-banking. I don’t choose cash payments but press the IRIS button and automatically transfer to the bank of my choice (if I’m on the dealer’s mobile from the dealer’s site automatically on my mobile banking app) or scan the QR with my mobile banking app and I just approve of the payment. So I don’t give payment details to the trader, who is immediately informed of the payment and credited to the IBAN that the company keeps in the cooperating bank, while my order is successfully completed within a few seconds. IRIS button is located from myADE app to pay the tax to the online pharmacy, bookstore etc. The service has no amount limit and does not require registration for the payer. Description: Payments are made only with the number of the recipient’s mobile or QR Code scan, via the Bank’s mobile app. To confirm transactions, the use of biometric data (reprint of the person or fingerprint) and confirmation of the recipient’s name before shipment is required. The money is credited within 2 seconds to the recipient, who is immediately informed about the transfer of the money, as well as the details of the sender. The use of IRIS – Data for transactions total IRIS Payments powered by DIAS, from the beginning of the year reached 34 million transactions, with around 3.68 billion euros in value, showing an increase of 150% and 116% respectively compared to the corresponding period in 2023. As of September 2021 both the number of transactions and the value of transactions is x17 (17 times more), presenting a complex rate of annual development CAGR +157% and 159% respectively. IRIS P2B & IRIS P2P products are now offered by 12 banks and IRIS eCommerce by 5. IRIS P2B (for direct payment to freelancers) Today users have surpassed 530 thousand freelance professionals and individual businesses, of which 365 thousand activated the Dias Service within 2024, with over 165,000 activated within August. Daily average enrollment rate for August reached 08/8 to 02/09 (after the 1st AADE update mission) reached 6.141 (i.e. x14 professional registrations). Daily average enrollment rate for 30 days (before sending the 1st email from AADE on 8/8/2024) was 427. From the beginning of the year to the present time the number of transactions has almost doubled (x 10.6) with about 322 thousand transactions. Accordingly, their value was tenfold (x 10) and reached 23.7m euros. The number of transactions x54 and their value x 23 as of September 2021 (6 thousand transactions worth EUR 0.55 million) In particular on 02/09 there was a daily record of the service with 30,038 entries and 4,381 transactions, totaling 210,000 euros. IRIS P2P (for direct payment between friends) Nearly 3.1 million users, of which 863 thousand activated the service of the Dias within 2024. Daily average enrollment rate from the beginning of the year is approximately 3,500. The complex rate of annual growth (CAGR) of New users from September 2021 to September 2024 is +55.4%. The number of users nearly quadrupled (x4) since September 2021 (820,000 users). From the beginning of the year to the present day, both the number and value of transactions tripled (x 3), reaching 29.3 million euros in transactions worth 1.52 billion euros. The complex rate of annual growth (CAGR) of the number of transactions and their value is +20% from September 2021 to September 2024. The number of transactions x27 and their value x 25 as of September 2021 (1.1 million transactions worth EUR 60 million). IRIS eCommerce (for payment to an online store) Beginning of the year to date the number of transactions doubled with over 4.3 million with CAGR 68% (2021-2024). The value of transactions reached 2.13 billion euros, showing an 80% increase from the respective period last year with CAGR 142% (2021 – 2024). The number of transactions x5 and their value x 14 from September 2021 (0.9 million transactions worth EUR 150 million). The number of e-shops offering the possibility of paying with IRIS payments is over 6 thousand, with about 2,500 having activated the service within 2024 when 2021 was just 217. Important benefits for citizens and professionals Citizens enrolled in the service, as noted in an announcement by the Ministry of National Economy and Finance, benefit absolutely free transactions, (whether between citizens, or for payments to professionals), easy, quick and secure payment, without IBAN, without card and without cash, only using their mobile phone. In addition, subscription to the direct payment service offers professionals a number of significant advantages such as: Easy collection of payments without having to present the customer and without additional equipment (POS). Direct availability of receipts in the business account 24 hours a day and instant update with SMS or push notification. Professionals receive money instantly (in 2 seconds) even if the bank with which they work is different from the customer’s bank. Trade security: Transactions take place in the safe environment of mobile banking of banks and using biometric data. Low cost of service use: The cost of using the service is extremely low or not at all and ranges from 0% to 0.50% of the amount of the transaction. It is, therefore, significantly lower if the same transaction was carried out through the use of POS. The limit of EUR 500 per day for transactions via IRIS shall be applied per customer and not to all payments that the professional can receive within 24 hours. For example, a professional can receive on a day 4 payments from 500 euros each (a total of 2,000 euros). How I turn on IRIS The activation of the service for both citizens and professionals is done quickly and easily, without the obligation to visit a bank or service, through the web banking or mobile banking of partner banks 24 hours a day, 7 days a week. Especially for the freelance and self-employed, through the Internet Banking of his bank, the professional in a few steps: It selects the IRIS Payments service from the Internet Banking Services section. Indicates the identifier to its customers (VAT). It connects the professional account in which the money it receives will be credited through IRIS Payments. Upon completion of his registration in the service, the company’s only QR code is produced, which he may distribute to his clients to scan him and make payments to his business. It is recalled that the IBAN to be selected by professionals and self-employed persons when registering must have been declared in the Register of Professional Accounts of the AADE, on the route Applications > Tax Services > Professional Account. In statements on the IRIS payment system, Minister of National Economy and Finance Kostis Hatzidakis has pointed out that IRIS is now a part of everyday life as well as over 3 million citizens who conduct daily and free transactions between different banks. It is, at the same time, a powerful work tool for hundreds of thousands of freelance professionals and self-employed people who can accept payments via IRIS with much smaller commissions than those of POS. Our initiative, the 50% reduction in supplies for transactions up to EUR 10 through POS, but also our interventions to strengthen competition in the banking sector, primarily favour the pocket of millions of citizens and professionals. Banks: They went on to cut supplies alongside the simultaneous explosive rise of IRIS in an attempt by traders to seek ways of dealing with lower commissions banks since early summer began to announce a deescalation of their supplies in general. In particular: Alpha Bank In reducing or even zeroing supplies to key products and services it has been announced by Alpha Bank. In particular, more than 1.5 million customers are predicted to benefit from reduced supplies of services and products relating to: Outgoing transfers of individuals through myAlpha Web or myAlpha Mobile: Supply reduction to EUR 1 for amounts up to EUR 1,000. Reissue of a debit card due to loss or damage: Free Version and First Charge Mastercard Prepaid Card: Free Reissue Mastercard Prepaid Card due to loss or wear: Free At the same time, with the aim of strengthening the development of the use of the IRIS direct payment service after the integration of professionals and businesses, Alpha Bank is the only systemic bank to continue providing this service (P2B) for the entire 2024. Alpha Bank offers further opportunities to make daily transactions without charges for existing and new Subscriber Banking customers through myAlpha Benefit subscriptions. National Bank The National Bank has announced that from 20 September 2024, the following adjustments apply to supplies for the customers of the National Bank: Reduction of payment of accounts, via ATM and APS using a card, by 50%. Reset supply of prepaid cards from 2 euros. Reduction of instant payment via Internet & Mobile banking for amounts up to 500 euros from 2.5 euros to 1.5 euros. Reduction of the supply of checkbooks from 2 euros to 1 euro. Reset exchange rate conversion commissions for prepaid card holders transactions through the Next application. The National Bank, as stated in its communication, maintained reasonable levels of charges on electronic transactions through IRIS and POS, applying a maximum charge for specific categories of professionals and small businesses, and gave priority to the connection of store and digital services. Piraeus Bank Piraeus proceeded to a new 50% reduction in the IRIS payments interbank bill invoice for professional use, aiming to encourage electronic transactions and further facilitate the acceptance of direct payments by freelance professionals and individuals. In addition, the Bank to further enhance accessibility to its banking services has zeroed out of EUR 15,000 by a private individual through Phone Banking as well as the commission to pay another Bank’s credit card by a private person through Phone Banking. The supply to both trading categories is EUR 6. Eurobank has announced reduced charges and integrated trading packages. In particular he has announced the following packages: Eurobank My Blue Advance: The package for key Eurobank needs My Silver Advance: Additional transactions for daily liabilities Eurobank My Gold Advance: Even more transactions for daily Eurobank needs My Platinum Advance: A greater benefit with unlimited transactions is provided extended options with even more transactions on all packages, covering a greater range of transactions with, overall, lower burden on the customer’s everyday life (than if he performed each transaction separately with the corresponding charge). As Bank executives point out, the enriched transaction, service and privilege packages are designed to respond to each client’s trading day-to-day life, while the rating of the packages ensures even greater flexibility to cover all categories of private clients.
IRIS: Explosion in number of transactions
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