kathimerini.gr
Greek Instant Payments Surge 92.1% in 2024
Instant payments in Greece exploded by 92.1% in 2024, reaching 70.6 million transactions, with IRIS accounting for 57.3 million, driven by new regulations and government incentives; this positions Greece as a leader in the Eurozone.
- How did government policies and the new European regulation contribute to the growth of instant payments in Greece?
- This growth is linked to a new European regulation mandating a common framework for real-time transactions, and a Greek government initiative reducing transfer fees. The resulting increase in accessibility fueled the rise of instant payments, particularly the IRIS system.
- What is the impact of the recent surge in instant payments in Greece, and how does it compare to the European average?
- In 2024, Greece saw a 92.1% surge in instant payments, reaching 70.6 million transactions. IRIS, enabling free person-to-person transfers up to €500 daily, dominated with 57.3 million transactions.
- What are the future implications of mandatory instant payment adoption for businesses in Greece, and what challenges or opportunities might arise?
- The trend points towards explosive growth in coming years due to upcoming legislation making instant payments mandatory for businesses. This, coupled with already high adoption rates (24.2% of credit transfers in Q1 2025, compared to the Eurozone average of 20.9%), positions Greece as a leader in instant payment adoption.
Cognitive Concepts
Framing Bias
The narrative structure emphasizes the dramatic growth of IRIS and the positive role of government policies. The headline (if one were present) would likely highlight this success. The positive tone and emphasis on growth figures create a predominantly optimistic perspective, potentially overshadowing potential problems or limitations. The inclusion of the CEO's quote further reinforces this positive framing.
Language Bias
The language used is generally positive and celebratory, using terms like "explosive expansion," "record-breaking," and "highest in 23 years." These terms are not inherently biased but contribute to an overwhelmingly positive tone that might not reflect a complete picture. More neutral language could include phrases like "significant increase" or "substantial growth" to convey the same information without overly emphasizing the positive aspects. The use of the phrase "explosive expansion" in reference to IRIS Commerce is subjective and might be replaced by a more neutral phrase such as "rapid growth.
Bias by Omission
The article focuses heavily on the success of IRIS instant payments and the positive impact of government initiatives. It doesn't delve into potential downsides, such as security concerns related to instant payments or the potential exclusion of certain demographics due to technological or financial limitations. There is no mention of competing payment systems or their market share. While brevity is understandable, the omission of these factors limits the reader's ability to form a fully informed opinion.
False Dichotomy
The article presents a largely positive view of instant payments, framing them as an unqualified success. It does not consider potential drawbacks or alternative perspectives that might suggest a more nuanced view. The emphasis on the positive growth numbers without considering counterpoints creates a potentially misleading picture.
Gender Bias
The article mentions the CEO, Stauroula Kampouridi, by name and title. While this is positive representation, the article doesn't offer a diverse range of voices or perspectives beyond the company's leadership. Further analysis would be needed to determine if there's an underlying gender bias in the overall reporting or sourcing.
Sustainable Development Goals
The increase in instant payment transactions, especially the IRIS system, promotes financial inclusion by providing affordable and accessible financial services to a wider population, including individuals and small businesses. This reduces barriers to financial participation, particularly for those previously excluded from traditional banking systems. The government initiative to reduce transaction fees further enhances accessibility.