The use of the IRIS service skyrocketed in 2024, as 1 in 2 citizens – that is, more than 3 million – with web banking activated have already linked their accounts to this direct payment system, according to the Ministry of Economy and National Finance.
At the same time, transactions carried out through the IRIS system reached 34 million worth 3.7 billion euros, representing an increase of 150% and 116% respectively compared to the same period of the previous year.
Promoting the systematic use of the IRIS direct payments service for citizens’ daily transactions is part of the initiatives taken by the Ministry of Economy and National Finance both to reduce transaction costs as a whole and to strengthen competition in the banking sector.
Furthermore, joining the instant payment service offers professionals a series of important advantages, such as:
-Easy payment without the customer being present and without additional equipment (POS).
-Immediate availability of receipts in the business account 24 hours a day and immediate notification by SMS or push notification. Professionals receive the money instantly (within 2 seconds), even if the bank they work with is different from the client’s bank.
-Transaction security: Transactions are carried out in the banks’ secure mobile banking environment and using biometric data.
-Low cost of using the service: The cost of using the service is extremely low or even non-existent and ranges from 0% to 0.50% of the transaction value. In other words, it is significantly lower if the same transaction is carried out using POS.