Payments/GR
Greece
ISO GR · 3 schemes
Summary
- IRIS is Greece's national instant payment system with QR code support
- DIAS operates the national clearing house (467M transactions in 2024)
- Mandatory IRIS acceptance for businesses from December 2025
- Four systemic banks (Piraeus, Alpha, Eurobank, NBG) dominate market
- EuroPA membership - IRIS expanding to Southern Europe by 2026
Banking landscape
Central Bank
- Name: Bank of Greece (Trapeza tis Ellados)
- Website: https://www.bankofgreece.gr/
- Role: Eurosystem member, TARGET-GR operator, DIAS oversight
Major Banks (2024)
| Rank | Bank Name | Total Assets (EUR) | Market Share | Status |
|---|---|---|---|---|
| 1 | Piraeus Bank | ~76,450 M | 23.71% | Fully privatized (March 2024) |
| 2 | National Bank of Greece | 72,092 M | 22.35% | 18% State-owned |
| 3 | Alpha Bank | 68,255 M | 20.79% | Fully privatized |
| 4 | Eurobank | 63,395 M | 19.40% | Fully privatized |
Market Structure
- Four Systemic Banks: Result of 60+ bank consolidation
- Combined Market Share: ~86% of total banking assets
- 2024 Milestone: All banks regained investment-grade status
- 2024 Net Profits: ~EUR 4.5 billion (11-year high)
Piraeus Bank Leadership
- Loans Market Share: 30% (EUR 34.4 billion)
- Deposits Market Share: 29% (EUR 54.6 billion)
- Full Privatization: March 2024 (EUR 1.35 billion sale)
2024 Privatization Completion
- Alpha Bank: Fully private
- Eurobank: Fully private
- Piraeus Bank: Fully private (March 2024)
- NBG: 18% State stake remaining
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| TARGET-GR | Bank of Greece | RTGS | Active |
| DIAS | DIAS Interbanking Systems | ACH + Instant | Active |
| IRIS | DIAS | Instant payments | Active |
| Athens Clearing Office | Bank of Greece | Check clearing | Active |
DIAS Interbanking Systems S.A.
- Founded: 1989
- Role: National Automated Clearing House
- Shareholders: Bank of Greece, credit institutions, payment entities
- Oversight: Bank of Greece (direct), ECB (indirect)
- 2024 Volume: 467 million transactions
- 2024 Value: EUR 502 billion (2x GDP)
DIAS Payment Schemes
- Credit transfers
- Direct debits
- Card payments
- Check clearing
- ATM transactions
- IRIS instant payments
TARGET-GR
- Greek component of TARGET (T2)
- RTGS for large-value payments
- Operating hours extended to 01:00 Greek time
- DIAS settlement depends on TARGET2 availability
QR code standards
IRIS QR (Primary Standard)
| Attribute | Value |
|---|---|
| Standard Name | IRIS |
| Type | Instant payment QR |
| Operator | DIAS Interbanking Systems |
| Users | ~2 million (doubled from 800,000 in 2 years) |
| 2024 Transactions | 57.3 million |
| 2024 Value | EUR 6.1 billion (+137% YoY) |
How IRIS QR Works
P2P Transfers:
- User opens mobile banking app
- Selects IRIS payment
- Enters recipient's phone number, TIN, or scans QR
- Confirms payment
- Funds arrive instantly
Merchant Payments:
- Business displays QR code (contains TIN or phone)
- Customer scans with banking app
- Payment approved in app
- Merchant notified instantly
QR Code Types
Static QR:
- Fixed code with merchant TIN or phone
- Printed and displayed at point of sale
- Customer scans and enters amount
Dynamic QR:
- Generated per transaction
- Contains amount and merchant details
- Used in e-commerce and POS
IRIS Transaction Limits
| User Type | Daily Limit | Per Transaction |
|---|---|---|
| Individuals (P2P) | EUR 500 | EUR 500 |
| Businesses (receiving) | EUR 10,000 | EUR 500 |
IRIS Identifier Options
- Mobile phone number
- Tax Identification Number (TIN/AFM)
- IBAN
- QR code (combining above)
Mobile payment apps
| App Name | Bank | IRIS | QR Scan | QR Generate |
|---|---|---|---|---|
| NBG Mobile | National Bank | Yes | Yes | Yes |
| Alpha e-Banking | Alpha Bank | Yes | Yes | Yes |
| Eurobank Mobile | Eurobank | Yes | Yes | Yes |
| Winbank | Piraeus Bank | Yes | Yes | Yes |
| Viva Wallet | Viva.com | Yes | Yes | Yes |
NBG Mobile Banking
- IRIS payments via phone, TIN, or QR
- "NBG Pay" cardless NFC payments
- Full IRIS integration
Alpha e-Banking
- IRIS Online Payments
- QR code scanning
- Business IRIS collections
Piraeus Bank Winbank
- IRIS for individuals
- IRIS for businesses
- E-shop and retail store integration
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| IRIS QR | Payment QR | QR Code | 2M users | iris-qr |
| IRIS | Instant transfer | Phone/TIN/IBAN | 12+ banks | — |
| EPC QR | European standard | QR Code | Via SEPA | epc-qr |
Sources
- National Bank of Greece - IRIS Payments
- DIAS - IRIS Payments
- DIAS - About Us
- Piraeus Bank - IRIS Payments
- Alpha Bank - IRIS Online Payments
- NBG Pay - IRIS Cardless
- Viva.com - IRIS Developer
- Bank of Greece - Payment Systems
- TheBanks.eu - Greece Major Banks
- Athens News - IRIS Business Requirements
Full country report
Schemes
Standards
Primary · 1