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Ireland’s three largest retail banks are set to launch a new peer-to-peer payment service, Zippay, aimed at strengthening their position in the digital payments space and competing with fintech platforms such as Revolut.
The service, developed by Nexi, will be rolled out from March 10 by AIB, Bank of Ireland, and Permanent TSB (PTSB). The phased launch is expected to reach a combined potential user base of more than five million customers.
Once fully implemented, Zippay will also be made available to other financial institutions offering Irish consumers accounts linked to International Bank Account Numbers (IBANs) and mobile banking applications.
The in-app service allows users to send, request, and split payments using the mobile phone numbers stored in their contact lists, provided recipients are also registered on the platform. Customers will be able to send up to €1,000 per day and request up to €500 per transaction.
The launch revives efforts by Irish banks to establish a domestic digital payment solution following the collapse of the earlier Synch Payments initiative in 2023. Unlike Synch, which was designed as a standalone payments application, Zippay is integrated directly into participating banks’ mobile apps, allowing it to leverage existing banking platforms and user bases.
Commenting on the rollout, Brian Hayes, chief executive of banking and payments at Banking & Payments Federation Ireland, said customers will gradually begin to see the service appear within their mobile banking apps.
According to Hayes, the platform is designed to provide a simple and convenient way for users to transfer money, request payments, or split shared expenses with friends, family, and other contacts who are registered on the service.
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