IRIS Instant Payments Hit Millions of Users, but In-Store Adoption Remains Slow

Alejandro Martínez · 2026-07-10

Greece's instant payment system IRIS has crossed a major milestone, now counting millions of users across the country. But here is the catch: while people are signing up in droves, they still aren't using it at the checkout counter. That gap between adoption and actual in-store usage raises some interesting questions about the future of instant payments in Europe. ### The Numbers Tell Two Stories On paper, IRIS looks like a runaway success. The system, which allows for real-time money transfers between bank accounts, has seen registration numbers climb steadily. But when you look at where those transactions happen, the picture shifts. Most IRIS usage is still peer-to-peer. People split dinner bills, pay back friends, or send money to family. But at physical stores? The usage numbers are much lower. It is a classic case of technology adoption where the infrastructure is ready, but consumer behavior hasn't caught up. ### Why Stores Are Lagging Behind There are a few reasons why IRIS hasn't taken off at the point of sale. First, many merchants simply haven't integrated the system yet. Small businesses, in particular, are hesitant to invest in new payment terminals when their existing setup works fine. Second, consumers are creatures of habit. Even if they have IRIS set up on their phone, reaching for a card or cash is still the default move. Changing that behavior takes time and a clear incentive. - **Merchant readiness**: Many stores lack the hardware or software to accept IRIS payments - **Consumer habits**: People default to what they know, especially for small purchases - **Lack of rewards**: Unlike credit cards, IRIS doesn't offer cashback or points ### What This Means for the European Payments Landscape IRIS is not alone in this struggle. Across Europe, other instant payment systems like wero are facing similar challenges. The technology works, but getting people to change how they pay at the register is a different battle entirely. The European Central Bank has been pushing for a unified instant payment system across the EU. But if adoption at the store level remains low, the whole initiative could stall. It is one thing to have millions of registered users; it is another to have them actually using the system daily. > "The real test for any payment system is not how many people sign up, but how many people use it to buy their morning coffee." ### The Path Forward For IRIS to succeed at stores, a few things need to happen. Merchants need better incentives to install the technology. Consumers need a reason to switch from their current payment method. And the user experience has to be seamless. Some ideas being floated include: - Lower transaction fees for merchants compared to card networks - Instant loyalty points or discounts for using IRIS - Integration with popular retail apps and loyalty programs If these pieces fall into place, IRIS could become a genuine competitor to cards and cash. But for now, the system is still finding its footing in the real world. ### The Bottom Line IRIS has proven that instant payments can attract users. The next step is proving they can change how people pay in stores. That is a much harder challenge, and one that the entire European payments industry is watching closely. For professionals tracking EU payment system news, this is a key development. The success or failure of IRIS at the point of sale could set the tone for wero and other systems rolling out across the continent.