Approximately 126.4 million transactions, with a total value of €10.9 billion (including on-us intra-bank transactions), were executed via IRIS Payments in 2025, according to the new joint whitepaper by DIAS and Capgemini Invent, titled "Scaling Account-Based Payments in Europe: The IRIS Case – An Account-Based Payment Success Story". Interbank transactions surged sixty-fold within a five-year period—from 1.6 million in 2020 to 95.4 million in 2025—while IRIS Payments accounted for roughly 70% of the total instant payment volume in Greece.

The study traces the decade-long journey of IRIS Payments from its inception in 2016 to its establishment as a mainstream daily payment method. It outlines how a technically available utility evolved into an essential everyday transaction tool for millions of citizens, professionals, and businesses. A key conclusion of the paper is that while technological infrastructure is necessary, it is not sufficient on its own to achieve mass adoption.

2021 as a turning point

IRIS Payments originally launched in 2016 as an account-to-account instant payment service, embedded under different commercial brand names across the digital channels of the four systemic Greek banks and the interbank infrastructure of DIAS. A decisive turning point came in 2021 when the new management of DIAS set a new strategic direction, shifting the focus from technical availability to widespread commercial expansion. The unified "IRIS Payments" brand identity was established, prioritizing user friendliness, an outward-looking market approach, and the onboarding of more participating banks. Concurrently, usage fees for retail users were eliminated, and the company's European footprint was significantly strengthened.

Adoption accelerated across the entire product suite. IRIS P2P (Person-to-Person) users grew from half a million at the start of 2020 to 4.27 million by the end of 2025, and have now reached 4.75 million. IRIS P2Pro (Person-to-Professional) is approaching 600,000 registered professionals, while IRIS Commerce—handling online and in-store merchant payments—recorded 12.4 million transactions worth approximately €4.76 billion in 2025, supported by acceptance at roughly 1.2 million POS terminals and 70,000 e-commerce stores.

"In 2021, we set a clear objective: to transform IRIS from a technically available interbank utility into a payment tool that everyone uses in their daily lives. Five years later, IRIS is used by millions of citizens, professionals, and businesses, and the phrase 'send it to me via IRIS' has become part of our everyday vocabulary. Behind this shift lies a consistent strategy, DIAS's investment in infrastructure and products, and, above all, close cooperation with the banks, the State, and the entire ecosystem. The next challenge is to turn universal availability into active preference at both online and physical points of sale, and to leverage the Greek experience to further develop cross-border instant payments in Europe."

Stavroula Kampouridou, CEO of DIAS S.A.

From national scale to European Interoperability

The European expansion of IRIS Payments is no longer just a blueprint. Since June 30, 2026, the IRIS P2P service, through its participation in EuroPA (European Payments Alliance), has enabled cross-border instant payments using just a mobile phone number between participating services in Greece, Portugal (MB WAY), Italy (BANCOMAT Pay), Spain and Andorra (Bizum).

This first phase connects more than 57 million users, bringing the simplicity of domestic payments to a pan-European level. The EuroPA model interconnects mature national solutions rather than replacing them. In doing so, it preserves the familiar user experience and domestic frameworks while fostering competition, innovation, and Europe's strategic autonomy in payments.

The next phase for IRIS Payments

According to the whitepaper, the next frontier is transitioning from widespread availability to active preference, particularly at physical points of sale. Reducing steps at the checkout counter, improving consistency across various banking apps, increasing the visual prominence of the IRIS Payments option, and introducing value-added services can further bolster IRIS Commerce.

For businesses, the benefits include lower costs, real-time payment processing, and faster access to liquidity. For consumers, the goal is to translate these backend advantages into an even simpler, more consistent, and highly visible payment experience. At a European level, the rollout of EuroPA lays the foundation for a gradual expansion of cross-border IRIS Payments utilization, benefiting millions of citizens and enterprises.

Source: Whitepaper "Scaling Account-Based Payments in Europe: The IRIS Case – An Account-Based Payment Success Story" (DIAS and Capgemini Invent, 2026). Unless stated otherwise, user statistics are as of the end of 2025 and transaction volumes refer to interbank transactions; where explicitly stated, intra-bank (on-us) transactions are also included.

About DIAS S.A.

DIAS S.A. is the national interbank payment clearing ecosystem operator of Greece and a critical financial infrastructure provider for the country, serving the entire Greek and Cypriot banking system. Through its services, it supports electronic and instant payments, driving the digital transformation of the economy and connecting Greece with the European payment landscape. DIAS operates under the oversight of the Bank of Greece and is an active participant in European industry organizations, including EACHA, EPC, and EMPSA.

The full white paper «Scaling Account-Based Payments in Europe: The IRIS Case – An Account-Based Payment Success Story» is available here