The use of the IRIS service soared in 2024, as 1 in 2 citizens – i.e. more than 3 million – with activated web banking have now linked their accounts to this direct payment system, according to the Ministry of National Economy and Finance.
At the same time, the transactions carried out through the IRIS system reached 34 million with a value of 3.7 billion euros, showing an increase of 150% and 116% respectively compared to the same period last year.
The promotion of the systematic use of the IRIS direct payment service for citizens’ daily transactions is part of the initiatives taken by the Ministry of National Economy and Finance both to reduce transaction costs as a whole and to strengthen competition in the banking sector.
In addition, signing up for the instant payment service offers professionals a number of important advantages such as:
-Easy payment without the presence of the customer 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 (in 2 seconds) even if the bank they work with is different from the client’s bank.
-Security in transactions: Transactions are carried out in the secure environment of the banks’ mobile banking and with the use of 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 amount. That is, it is significantly lower if the same transaction was carried out through the use of POS.
