Greek Minister: IRIS instant payment system is a digital economy success story

Greek Minister of National Economy Kyriakos Pierrakakis hailed the IRIS instant payment system as a prime success of the country's digital economy, noting its swift transition from a technological possibility to widespread daily use. He stressed the need for greater visibility of IRIS at points of sale, improved citizen information, stronger incentives for merchants, and reward mechanisms from banks and acquirers.

Pierrakakis stated that payments are fundamentally changing economies, commerce, and the movement of money. What was once a technical function of the financial system has evolved into a critical infrastructure for trust, efficiency, and competitiveness. He emphasized that instant digital payments not only alter transaction methods but also shape the future economy, with IRIS serving as a key example in Greece's digital transition.

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We are in an era where payments are changing radically and with them the way the economy operates, commerce is organized, money moves, and value is created.

Data presented shows IRIS's significant impact: over 4.6 million citizens now use it for instant peer-to-peer money transfers, an increase of 760,000 in the past year. Additionally, 600,000 freelancers and sole proprietors can now receive instant payments via mobile phone and their tax identification number (AFM).

The value of transactions through IRIS reached 10.9 billion euros in 2025, marking a 70% increase from the previous year. Pierrakakis noted that these numbers reflect a substantial behavioral shift, with citizens and businesses recognizing the advantages of instant payments: fee-free transactions for consumers, low costs for professionals, and the speed and simplicity required by the modern economy. This movement is gradually shifting the economy towards a more direct, transparent, and efficient model.

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In Greece, IRIS is perhaps the most characteristic example of this transition. In just a few years, it moved from the phase of technological capability to the phase of real, daily use, proving something extremely important: that in the digital economy, success is not judged by how advanced a technology is, but by how that technology is organically integrated into the daily lives of citizens and businesses.