All shops must get IRIS-ready

All shops and businesses will have to accept payments through the IRIS system as of November 1, 2025, according to a special provision in the bill to strengthen the capital market.

This means that the regulation is forcing all merchants, whether they have brick-and-mortar stores or e-shops, to start accepting direct payments within seven months.

This concerns the ability for consumers to pay for goods or services directly from their account – without using an IBAN, but with a QR code – and the payment to be made immediately, within a second, a feature supported by the IRIS system.

The bill also contains special provisions for the reduction of private debt, by expanding the number of households that are considered “eligible” and can settle their debts through the out-of-court mechanism, now also covering the middle class. The income and asset limits based on which banks and management companies are obliged to accept the settlement resulting from the out-of-court mechanism algorithm are doubled. The new income and asset limits start at 14,000 euros (from €7,000 today) for single-person households and reach up to €42,000 (from €21,000) for households consisting of five members or more or for single-parent families with more than three minor members. 

Accordingly, the limits for the value of property start from €240,000 (against €120,000 today) for single-person households and increase up to €360,000 (from €180,000 today) for households consisting of four members or for single-parent families with two minors.

According to the calculations of the Ministry of National Economy, the increase in income and property limits leads to a 12-fold increase in the number of individuals classified as “eligible debtors,” from 7% to 85% of all applicants. The condition is that the debtor has a maximum limit of €300,000 in nonperforming debts to banks or servicers.

The arrangements concern individuals or professionals currently in the extrajudicial mechanism, whose debts amount to €33.6 billion out of a total of €42.7 billion, which is the total extrajudicial debts based on applications to date. 

Kathimerini