Speaking at the Payments 360 Conference 2026 powered by DIAS, Finance Minister Kyriakos Pierakakis highlighted the growing adoption and European integration of Greece’s instant payment system, IRIS. He described IRIS as the country’s most emblematic example of economic digital transformation.
A National Success Story in Instant Payments
“Instant digital payments don’t just change how we transact — they reshape how the economy itself will function in the future. In Greece, IRIS is perhaps the clearest illustration of that shift,” Pierakakis said.
According to data presented by the minister, more than 4.6 million citizens now use IRIS for person-to-person instant money transfers — an increase of 760,000 compared to one year earlier. Additionally, 600,000 freelancers and sole proprietors can now receive payments directly via mobile phone and tax identification number (AFM). In 2025, the total value of IRIS transactions reached €10.9 billion — a 70% rise over the previous year.
Call to Boost Adoption
Pierakakis urged banks and acquirers to introduce further incentives to expand IRIS usage. He outlined three key priorities:
- Targeted advertising campaigns to raise awareness among both consumers and merchants;
- Introducing reward schemes — similar to those already in place for debit card use — where users earn cashback based on transaction volume;
- Enhancing the overall payment experience, including adoption of NFC-based ‘Tap & Pay’ technology, allowing users to pay simply by tapping their smartphone — much like Apple Pay or Google Pay currently do with credit cards.
DIAS: The Backbone of Interbank Settlement
The minister also spotlighted DIAS, Greece’s national interbank clearing and settlement system. In 2025, DIAS processed and settled interbank transactions worth €544.4 billion — equivalent to 2.2 times Greece’s annual GDP. “The collaboration between the state, DIAS, and banks is what makes today’s Greek digital economy a genuine success story,” he noted.
IRIS Goes European
Greece’s entry into the European Payments Alliance (EuroPA) has enabled IRIS to connect with equivalent systems in Italy, Spain, and Portugal. As of 30 June 2026 — the start of Phase One of cross-border integration — 57.3 million citizens across five European countries can now send and receive money instantly, using the same simple process they rely on domestically.
By year-end, the network is expected to cover 173.1 million people across 18 countries. Full interoperability across the EuroPA framework is set to be achieved in 2027.