The deadline for linking freelancers’ and entrepreneurs’ professional accounts to the IRIS direct payment system has been extended until August 31.
As the Ministry of Finance states in its announcement, “direct payment services are a very useful solution for citizens not to pay any fees for electronic transactions and for freelancers to pay on average 50% lower fees compared to POS transactions. The only instant payment service available to date, IRIS, is rapidly spreading as a payment method in Greece. The connection process is extremely simple and can be carried out by the freelancer in a few minutes.”
According to the most recent data:
- To date, 400 thousand professionals are registered in the system (more than 180 thousand registered this year) out of a total of approximately 800 thousand professionals needed to be connected.
- The highest number of connections was recorded on June 27th with 5.9 thousand new registrations.
- From the beginning of the year until June 27, 191,416 transactions were carried out on IRIS P2B, a number 11 times higher than last year.
- In the same period, these transactions reached a value of 14.2 million euros, 10 times higher than last year.
- The product is already offered by 10 banks and two more are expected to be added this year, bringing the total to 12.
- It should be noted that, in IRIS P2P (for money transfers between friends) the average number of transactions per day was 120 thousand and on May 31st it reached 180 thousand transactions.
Easy activation
As the Ministry of Finance emphasizes, activation of the service, whether for individuals or professionals, is done through your Bank’s mobile application, with a very simple process. Payments are made using only the recipient’s mobile number or by scanning the QR Code, through the Bank’s mobile application.
Confirmation of transactions requires the use of biometric data (facial or digital) and confirmation of the recipient’s name before sending. The money is credited within 2 seconds to the recipient, who is immediately informed of the money transfer, as well as the sender’s details, as highlighted by the Ministry of Finance.
IRIS has 3 services:
- IRIS Person to Person: Direct money transfer between individuals, commission-free (up to €500/day).
- IRIS Person to Business: For payment to individual companies or freelancers. The prerequisite is the professional’s registration with a professional bank account. It should be noted that the limit of 500 euros for professionals is per client and not the total amount that they can receive daily. The client is not charged for the service, while the professional’s commission is significantly lower than other forms of payment.
- IRIS Commerce: For payment in online stores, without sharing payment data to the merchant. The order is completed in a few seconds. At the same time, there is no limit on the amount and no registration is required for the client.
Remember that Law 5072/2023 established the obligation for freelancers and self-employed workers to link their professional account to a direct payment system. As well as accepting immediate payment from any individual who requests it. Furthermore, natural persons who deal with another natural person who provides services (self-employed or self-employed) have the right to request that payment be made through a direct payment system.
In the coming period, AADE will proceed with a gradual notification to the obligated non-affiliated freelancers in order to complete the process within the deadline.
Finally, it should be noted that failure to accept direct payments after the deadline by self-employed workers results in an administrative fine of 1,500 euros.