Real-Time Payments in Greece are Expected to Increase by Over 4X by 2026 Despite Cash Dominance

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With the creation of a national payment system to complement the pan-European Single Euro Payments Area (SEPA) Instant Credit Transfer scheme, also known as SCT Inst, where real-time payments adoption has seen unprecedented growth in recent years, Greece joins countries like the United Kingdom, Sweden, the Czech Republic, and Hungary.

The country’s real-time payments system, IRIS Online Payment system, was launched in 2017 — the same year as SCT Inst — and has since added several new features, including mobile payments and QR code compatibility, according to data in the April edition of the “Real-Time Payments World Map,” a collaboration with The Clearing House.

IRIS allows users to pay peers and professionals quickly and securely by just entering their mobile phone numbers. Users can also pay professionals or online retailers by entering their VAT numbers or scanning a QR code, if necessary.

According to the study, the daily volume of real-time payments in the nation of Southeast Europe is anticipated to increase from 94 million in 2021 to 403 million in 2026, growing at a compound annual growth rate (CAGR) of 34% throughout that period.

Greece’s potential for development is increased by the adoption of SCT Inst by 23 out of the country’s 36 main banks and payment service providers (PSPs), according to the most current Register of Scheme Participants from the European Payments Council (EPC).