Next step is the interface of Iris with the cash registers of all businesses
The forthcoming expansion of the IRIS direct payment system and the universal implementation of electronic pricing from the middle of the year brings a new subsidy program for small and medium -sized enterprises and freelancers to upgrade cash and POS cash registers.
The Ministry of National Economy and Finance is planning an information campaign and special funding programs “Digital Transactions”, which will provide voucher (checks) from the recovery fund to meet the technical needs of businesses and freelancers. Software improvements, device upgrades or even replacement, and in general the technical support of interconnected POS are considered necessary for the smooth transition to the new digital age.
Strengthening electronic transactions not only facilitates businesses, but also provides valuable data for targeted intersections from control mechanisms. Indicatively, in 2024, due to the widespread use of POS on the market and the IRIS, the value of electronic transactions made a jump of 10.7% and reached € 67.7 billion.
The interconnection of POS tax mechanisms has already reached 99.7%, achieving the relevant target of the recovery fund. More than 450,000 businessmen have complied with the measure, transferring millions of documents to AADE in real time, along with critical information on each transaction, such as sales, VAT and payment method. More than 10,000 old cash registers have been withdrawn over the last two years, and 320,000 new smart devices have been added.
Next step is to interface Iris with cash registers. After freelancers and businesses they will be obliged to accept payments through IRIS so that each transaction is accompanied by the corresponding proof. This procedure should be completed by October 9, 2025, which is the deadline for compliance with EU Member States with the European Regulation on immediate payments.
Electronic pricing for businesses has been implemented since July. After the “green light” of the Commission, the AADE’s digital arsenal is reinforced, helping to reduce the issuance of counterfeit or virtual invoices, hiding turnover and VAT fraud. Electronic invoices between businesses will become the basic means of transmitting data to Mydata, allowing immediate and accurate recordings of transactions.
Electronic pricing will be applied in two phases: first to larger businesses and then to the smaller ones. Many small and medium -sized, in order to comply with the new requirements, are expected to proceed with the acquisition of “2 in 1” single devices that combine cash and POS or choose digital providers and other pricing applications.
As far as IRIS is concerned, it is a reality for 3.5 million citizens, allowing immediate money transfers up to 500 euros daily without bank supplies. Its use increased sharply in 2024, as one in two citizens with active web banking has now linked its accounts to the system.
By June, the IRIS direct transactions threshold, which currently amounts to € 500 per day, will be doubled, reaching 1,000 euros per day (500 euros to citizens and 500 euros for transactions with professionals).
