Mandatory IRIS Instant Payments for Self-Employed Professionals

Self-employed professionals will be obligated to accept instant payments through the IRIS service as of Jan. 1, 2024, in addition to bank card payments, according to a provision in a draft bill tabled in Parliament this week.

The IRIS System

The IRIS system is an alternative for online web banking transactions, allowing users to send and receive money via their mobile phones without listing an IBAN. Both transacting parties must register with the service on an app of their specific bank, while a 500-euro-daily transaction limit applies.

The money transfer process takes seconds and the recipient is immediately notified of the transaction, again on their mobile phone. This service is currently offered by Alpha Bank, National Bank of Greece, Eurobank, Piraeus Bank, and Cooperative Bank of Epirus.

IRIS instant payments to professionals / small businesses

After activating the IRIS service on the mobile banking app, consumers can pay instantly by entering the recipient’s Tax Identification Number or mobile phone. For convenience, businesses may provide their data to customers in the form of a QR Code for scanning, displayed on the receipt before the payment.

Obligations for Small Businesses

Businesses must clearly and transparently communicate the use of both payment methods (mandatory instant payments and credit card payments) to their customers.

Additionally, businesses are required to display this information prominently at the entrance, the cash desk and on the business website.

As of today, 117,000 registered self-employed professionals and freelancers utilize the IRIS service, comprising approximately 10 percent of the total number of self-employed professionals in the country (around 1.3 million).

Source: tovima.com