AIB, Bank of Ireland and Permanent TSB (PTSB) are set to launch Zippay, a new instant mobile payment service, by early next year.
Aimed at rivalling fintech giants like Revolut and N26, Zippay will deliver person-to-person payments directly through users’ existing banking apps.
The initiative is being developed in collaboration with Nexi, a leading European paytech company headquartered in Milan.
Nexi will provide the backend architecture for the new service.
Unlike standalone apps, Zippay will be integrated directly into the banks’ mobile apps, eliminating the need for additional downloads or digital wallet top-ups.
Upon its completion, it is expected to be available to over five million eligible customers.
The service will enable customers to send, receive, and split payments using only the mobile number of their contacts, as long as those contacts are also Zippay users.
“This is a secure and user-friendly solution that builds on the trusted infrastructure of existing mobile banking,” said Brian Hayes, CEO of the Banking and Payments Federation Ireland (BPFI).
“There will be no need to input IBANs, BICs, or account numbers. Transfers will happen seamlessly between accounts, with high levels of security and digital safety.”
Customers will be able to send up to €1,000 per day and request up to €500 per transaction.
Importantly, Zippay will launch on an opt-out basis, meaning eligible users will be automatically enrolled unless they choose otherwise.
According to Renato Martini, Digital Banking Solutions Director at Nexi, Zippay has been “built for scalability and future integration” with a focus on long-term adoption across Ireland’s banking sector.
While initially exclusive to the three founding banks, the platform will be open to other financial institutions, including credit unions and fintechs.
This launch follows the banks’ failed attempt to establish a similar service under the now-defunct Synch Payments project, which was ultimately shelved due to prolonged regulatory hurdles and delays.
By embedding Zippay into existing infrastructure, the banks have sidestepped the trouble of creating a new standalone app, easing the path to regulatory compliance.
The move is seen as a strategic response to the growing dominance of digital-first banks, which have rapidly gained market share in Ireland through their instant payment features.