Greece has entered a new phase of digital payments, as all businesses are now required to support IRIS instant transactions for customers. With this shift now in effect, the country aims to modernize everyday commerce and accelerate the move toward real-time digital payments.
Moreover, the measure follows the completion of a new regulatory framework by the Independent Authority for Public Revenue (AADE), which links business payment systems directly to tax authorities.
As a result, point-of-sale terminals and cash registers are being upgraded to incorporate instant payment capabilities and ensure seamless integration with the IRIS network.
How the IRIS payment system works
IRIS is Greece’s domestic instant payments network, enabling direct bank-to-bank transfers within seconds, without relying on card infrastructure.
It offers consumers a fast and low-cost alternative to traditional electronic payments, providing immediate settlement.
For businesses, IRIS operates as a real-time digital payment method that integrates directly into POS devices and AADE(Independent Authority for Public Revenue)-compliant cash registers.
How IRIS works for businesses and consumers
Customers can complete payments instantly through mobile banking apps, QR codes, or bank-initiated transfers. The funds arrive in the merchant’s account immediately, which improves cash flow and reduces transaction friction.
Currently, the system allows daily transfers of up to €500 ($580) per transaction and a total of €1,000 ($1,160) per day for payments between private individuals or from individuals to professionals.
Looking ahead, Greece plans to increase these thresholds in January 2026. Private users will gain access to limits of €1,000 ($1,160) per day and €5,000 ($ 5,804) per month, reinforcing the government’s goal of expanding instant payments nationwide.
Compliance requirements and transition period
Businesses must ensure that their POS devices, cash registers, and payment systems work seamlessly with AADE and fully support IRIS acceptance. During the initial rollout, authorities will provide guidance and allow transitional periods, especially when companies encounter technical issues.
The government originally scheduled the measure for October 31, 2025. However, officials moved the date to December 1, 2025, to give businesses and system providers additional time to adapt. This extension appears in the country’s new tax reform bill, which also addresses demographic challenges, economic stability, and support for middle-income households.
Fines for Greece’s businesses failing to accept IRIS payments
Companies that ignore the new IRIS mandate face significant penalties. Businesses using simplified (single-entry) accounting will face fines of €10,000 ($11,608), while those with double-entry accounting will face fines of €20,000 ($23,218).
In addition, professionals operating in small villages or low-population, non-touristic islands will receive a 50% reduction in penalties.
Overall, the new IRIS requirement signals Greece’s commitment to faster payments, stronger tax compliance, and a more modern digital marketplace.