Nevertheless, e-payments dominate in large transactions and are growing significantly year-to-year

Higher daily limits for peer-to-peer and professional payments come into force as Greece’s instant payment system expands its role in everyday transactions and prepares for cross-border use within Europe.

A monthly ceiling of 5,000 euros will apply to person-to-person transactions. Business payments, however, will have no monthly limit.

From December 1, all Greek businesses must accept payments via the IRIS system, with significant fines for non-compliance and updated daily transaction limits

The new increased transaction limits have come into effect as part of the government’s broader efforts to curb the shadow economy

A recent survey by the European Central Bank (ECB) across Eurozone member states revealed that in 2024, Greece was among the countries where cash lost ground to electronic payments, such as cards and mobile payments. Cash vs. Card Payments in Greece In Greece, only 42% of the total value of transactions at consumer service points […]

However, the ECB has expressed its opposition regarding legislative efforts by member states to restrict cash usage as a means of combating tax evasion.