An increase of even 300% in 2023, compared to 2022, is approaching electronic transactions through IRIS. At least 1.5 million young people aged 18-34 with smartphones prefer transactions through IRIS which are carried out without fees, while for freelancers up to the amount of 500 euros per day without fees is mandatory.
Consumers, once they have activated the IRIS service in mobile banking, can make their payments within seconds by entering the VAT number or the professional’s mobile phone, data which for convenience can be provided in the form of a QR Code to be scanned.
IRIS users stood at 31/12/2023 at 2.2 million (monthly record with 102 thousand new registrations in December 2023), more than four times the size compared to 2020, with 70% of users (about 1.5 million ) belong to the age group of 18-34 years. To cover, of course, the market as a whole there is still a long way to go, but it seems that a dynamic start has been made.
On the market side, registered professionals amount to 155,000, a size increased by 292.8% compared to 2022. It is characteristic that December 2023 recorded the highest number of new registrations per month reaching 30,000. In terms of registered merchants/e-shops it reached 3,500 in 2023.
The benefits of paying with IRIS
Through the IRIS interbank service, consumers and professionals can make money transfers simply, using a mobile number or even a contact from the phonebook stored on the phone. The free transaction limit is currently 500 euros per day. The only prerequisite is that both parties have activated the IRIS service in their bank’s mobile banking.
The benefits of using this system are that:
- The depositor does not need to know the account number. Only the beneficiary’s mobile phone or VAT number.
- The process is completed within a few seconds and the beneficiary of the payment is immediately informed of the completion of the transaction.
- There is no commission from the bank for the transfer.
- The transfer is secure according to the European SEPA Instant Credit Transfer scheme.
Business obligations
Based on the new tax law, freelancers, merchants and the self-employed will be required to make and accept instant payments without a card, by transferring money directly to the beneficiary’s account via the customer’s/consumer’s mobile (smartphone), tablet or computer.
For this to happen, the professional must register his professional account via e-banking or in the bank’s mobile application, so that the money he receives can be deposited into it. Accordingly, the consumer must, in the same way, have declared before using the service from which account the money he wants to transfer or pay will go.
In physical stores or offices, the consumer enters the banking application from the smartphone and registers the VAT number, mobile number or email of the professional or the business that needs to be paid. Alternatively, the business may have posted a QR code for the customer to scan.
Source: newsbomb.gr