The use of IRIS has soared in 2024 as 1 in 2 citizens—more than 3 million—with web banking enabled have now linked their accounts to this instant payment system. At the same time, transactions carried out through IRIS in 2024 amounted to 34 million and reached a value of €3.7 billion, representing an increase of 150% and 116%, respectively, compared to the same period last year.

The promotion of the systematic use of the IRIS direct payment service for citizens' daily transactions is part of the initiatives undertaken by the Ministry of Economy and Finance both to reduce overall transaction costs and to enhance competition in the banking sector. As part of this strategy:

1. It became mandatory for all freelancers and self-employed persons to register in the instant payment system (IRIS) in order to accept payments from their customers. Already, more than 530,000 freelancers and self-employed persons have already registered and those who have not done so can register at any time (note that checks by the competent authorities will start from the beginning of October).
2. A legislative intervention reduced by 50% the amount of the commission for transactions up to 10 euros made through POS in the so-called "small retail" (kiosks, mini-markets, bakeries, taxis, etc.). Thus for the next 3 years, the maximum clearing commission is set at 0.5% for the above transactions.
3. In addition, the Ministry of National Economy and Finance has made it clear to banks that their procurement framework needs to be modernized and made more citizen-friendly. One bank has already done so, and moves by the others are expected.
4. Allowing non-banking institutions to provide loans will increase competition with the banking sector and may lead to lower transaction costs.
5. The merger of Bank of Attica and Pancreta proceeded under the 5th banking pillar, which will increase competition in the banking industry.
6. The possibility of investing in government bills with zero tax and high yields has been given since last year.

Minister of National Economy and Finance Kostis Hatzidakis said: "The IRIS direct payment system is now part of the daily life of more than 3 million citizens who carry out daily and free of charge transactions between different banks. It is also a powerful business tool for hundreds of thousands of freelancers and self-employed people who can accept payments through IRIS with much lower commissions than those of POS. This initiative, the 50% reduction of fees for transactions up to €10 via POS, and our interventions to enhance competition in the banking sector primarily benefit the pockets of millions of citizens and professionals. They lead to significant reductions in commissions and are a response to those who continue to believe that the State is standing idly by in the face of the banks and the issue of transaction costs. As a result, we are able to provide the solution, but citizens can also do so in the future by choosing more affordable methods of conducting business. This Government has chosen to always side with the many and their needs."