AIB, Bank of Ireland, and Permanent TSB have unveiled plans to introduce Zippay, a new person-to-person mobile payment service set to compete with fintech heavyweights like Revolut and N26. The service, slated for launch in early 2026, will be integrated into the existing mobile banking apps of these three major Irish banks, offering a seamless way for customers to send, request, and split payments instantly using just a mobile number.
Zippay, developed in collaboration with Italian payment systems company Nexi, will be automatically available to over five million customers on an opt-out basis. This means users will be enrolled unless they explicitly choose to opt out. The service aims to simplify transactions by eliminating the need for IBANs, BICs, or account numbers, allowing payments of up to €1,000 per day and requests of up to €500 per transaction.
Brian Hayes, Chief Executive of Banking & Payments Federation Ireland (BPFI), emphasized that Zippay was designed in response to customer demand for a secure and convenient payment solution. “It will be delivered through customers’ existing mobile banking apps, ensuring high levels of security, protection, and digital safety without the need for a separate app or digital wallet,” Hayes said.
The initiative follows a previous unsuccessful attempt by the same banks to launch a similar app called Yippay under the Synch Payments project, which was abandoned in 2023 due to regulatory hurdles and a shifting payments landscape. Zippay, however, is poised to leverage existing bank infrastructure and customer trust to offer a robust alternative to fintech apps. Other financial institutions, such as credit unions, will also have the opportunity to join the service, subject to integration fees managed by Nexi.
Customers will receive further details, including opt-out instructions, in the coming weeks. A dedicated website, www.Zippay.ie, has been launched to provide additional information about the service.
This move comes as Irish banks face increasing competition from digital platforms like Revolut, which boasts over three million users in Ireland, and N26. With Zippay, the banks aim to reclaim ground in the rapidly evolving digital payments market while enhancing user experience and security.
Tell us your thoughts in the Facebook post and share this with your friends.
