Transactions free of supplies from July via IRIS

The top down is expected to bring to the transactions to introduce IRIS to all retail transactions from November 1st.

Combined with the increase in the daily threshold for payments to friends and freelancers to € 1,000 since late June, the foundations for the prevalence of zero -registration transactions in our country are laid, and will soon be the same for transactions abroad!

By the end of June it is expected to be ready to upgrade the system that will enable users to make payments of up to 1,000 euros daily.

The upgrade disconnects the two basic IRIS functions that have a trading limit (P2P and P2B) and doubles today’s limits. In the second year, the limits are expected to increase further, especially to accept larger payments by freelancers, which has been requested by engineers and notaries. The new limits are set as follows:

n up to 500 euros in P2P transactions between natural persons (eg friends), with zero charge for sender and recipient. Today the limit is at 250 euros.

n up to 500 euros in P2B transactions from private to freelancers and businesses, with a very low supply that burdens the business.

Supply is between 0.2% and 0.5% of the transaction and is significantly lower than the card payments (1-2%).

The separation of the limit from transactions between individuals and businesses will enable the limits to professionals and various sectors, depending on the amount of needs (eg exact services). Thus, for example, it may increase to 600 euros the limit between natural persons and to € 1,500 for payments to professionals.

n Without POS payments where IRIS will be installed in physical and online stores (Iris Commerce).

Payment to stores will be made with a dynamic QR that will remain active for a few minutes. The consumer will « scan » the code from mobile banking application of his choice, the payment will appear on the mobile and will be made with a « click ».

At the end of summer it is estimated that upgrading the POS systems of the stores will proceed to add the Iris choice to the systems. To upgrade, the government will give businessmen vouchers who will cover the cost, as was the case with the interconnection of POS with cash registers and ERPs. However, the process will not have corresponding difficulties and is estimated to be completed quickly.

In the second year, NFC (Near Field Communication) will also be allowed – that is, by approaching the mobile on POS, as we do with cards and digital wallets today – to make the Iris Commerce more user -friendly.

It is necessary to develop the relevant technical infrastructure, which will take a few months.

There has also been a proposal for IRIS autonomous application, but banks have expressed objections as they want IRIS within the digital banking environment.

On June 11, it is expected to announce the integration of DIAS into the European EUROPA direct payment system, which will interconnect IRIS with national direct payment systems in Italy, Spain, Portugal and Andorra.

The announcement is expected to be made by the Minister of National Economy and Finance Kyriakos Pierrakakis as part of the 9th Payments360 Conference organized by DIAS.

Corresponding initiatives have taken place in the Scandinavian countries with Vipps Mobilepay, as well as Western Europe (France, Germany, Belgium, Luxembourg, the Netherlands) with Wero. All of the above systems are based on the TIPS Instant Payment Settlement infrastructure created by the Eurosystem. In the long run, the aim is for immediate payments to be free in all EU countries. Thus, the EU will be able to gradually get rid of US card companies (Mastercard, Visa).

In addition, DIAS has installed infrastructure for direct payments in Cyprus, which is already used for interbank transactions between Cypriot and European banks.

However, the implementation of IRIS in Cyprus has not been progressed, as reactions from a particular bank of the Cypriot market are recorded.

Thus, by Kostis Hatzidakis, who as Minister of National Economy and Finance strengthened and promoted the IRIS by putting it in the daily lives of the citizens, the baton is delivered to Kyriakos Pierrakakis. The aim is to extend the payment system to the whole economy, to countries such as Brazil, where the corresponding system (RICH) is used everywhere – from the stand to the state services.