# Greece — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/GR
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## 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:**
1. User opens mobile banking app
2. Selects IRIS payment
3. Enters recipient's phone number, TIN, or scans QR
4. Confirms payment
5. Funds arrive instantly

**Merchant Payments:**
1. Business displays QR code (contains TIN or phone)
2. Customer scans with banking app
3. Payment approved in app
4. 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](https://docs.barcoder.ai/docs/payments/GR/iris-qr) | Payment QR | QR Code | 2M users | [`iris-qr`](https://docs.barcoder.ai/docs/standards/iris-qr) |
| [IRIS](https://docs.barcoder.ai/docs/payments/GR/iris) | Instant transfer | Phone/TIN/IBAN | 12+ banks | — |
| [EPC QR](https://docs.barcoder.ai/docs/payments/GR/epc-qr) | European standard | QR Code | Via SEPA | [`epc-qr`](https://docs.barcoder.ai/docs/standards/epc-qr) |

## Sources

- [National Bank of Greece - IRIS Payments](https://www.nbg.gr/en/individuals/daily-transactions/digital-banking/internet-mobile-banking-capabilities/iris-payments)
- [DIAS - IRIS Payments](https://www.dias.com.gr/en/iris/)
- [DIAS - About Us](https://www.dias.com.gr/en/about-us/)
- [Piraeus Bank - IRIS Payments](https://www.piraeusbank.gr/en/individuals/banking-products-and-services/banking-services/emvasmata-idiwtwn/iris-payments)
- [Alpha Bank - IRIS Online Payments](https://www.alpha.gr/en/retail/myAlpha/tools/iris-online-payments)
- [NBG Pay - IRIS Cardless](https://nbgpay.globalpayments.com/en-gr/iris)
- [Viva.com - IRIS Developer](https://developer.viva.com/payment-methods/local-payment-methods/iris/)
- [Bank of Greece - Payment Systems](https://www.bankofgreece.gr/en/main-tasks/payment-systems-and-settlements)
- [TheBanks.eu - Greece Major Banks](https://thebanks.eu/countries/Greece/major_banks)
- [Athens News - IRIS Business Requirements](https://en.rua.gr/2024/01/15/everything-you-need-to-know-about-iris-direct-payment-system-comes-into-business/)

## Full country report

[GR-greece.md](https://docs.barcoder.ai/docs/payments/GR)