AIB, Bank of Ireland, and PTSB have announced joint plans to launch a person-to-person mobile-payment service to rival fintech banks such as Revolut and N26.
The new offering, called Zippay, will be an in-app service available through the banks’ existing mobile banking apps.
Customers will be able to send, request, and split payments instantly by using the mobile number of their contacts who are also using the service.
It will be rolled out to the more than five million customers of the three pillar banks early next year on an opt-out basis, meaning customers will automatically be included in the service unless they tell their lender they don’t want to be.
The banks say that in the coming weeks customers will receive information on the new service, including details on how to opt out – while a website (www.Zippay.ie) has been launched with detailed information on the service.
Eligible customers will automatically be enrolled to Zippay, which will appear in their personal banking app once the service is launched in the first quarter of 2026.
It will use mobile numbers saved in the customer’s contact list to identify who else uses the service.
There will be no need to set up a new payee or know their IBAN, BIC, or account numbers.
Customers will be able to send up to €1,000 per day as well as request up to €500 per transaction.
The technology behind the service will be delivered by Italian payment systems company Nexi.
Brian Hayes, Chief Executive of Banking & Payments Federation Ireland (the group representing banks), said Zippay was developed “in response to customer feedback and demand”.
He added that given it will be delivered through customers’ existing mobile banking apps, it “comes with all the same high levels of security, protection, and digital safety and avoids the need for topping up a digital wallet or downloading a separate app”.
Other financial institutions such as credit unions can apply to be included in the service.
However, they will have to pay to do so and their integration will be managed by Nexi.
The launch of Zippay follows a previous failed attempt by the three pillar banks to launch a mobile payments system.
In 2023 AIB, Bank of Ireland, and PTSB scrapped plans for an app similar to Revolut, after multiple delays due to a number of issues including difficulty in securing regulatory approval.
However, the new Zippay service will not require the same level of approval, because it does not involve the creation of a new app but is being integrated into the banks’ existing mobile apps.
