Ireland’s retail banks are preparing to debut a fresh peer-to-peer (P2P) mobile payment option this week, marking a bold step in the ongoing battle for digital banking dominance. The new service, called Zippay, is an integrated in-app solution created by European payments technology provider Nexi. It equips traditional lenders with a powerful tool to challenge fast-growing fintech competitors, particularly Revolut, which has captured a huge share of instant transfer users across the country.
The initiative involves Allied Irish Banks (AIB), Bank of Ireland, and Permanent TSB (PTSB).
A phased rollout begins on 10 March, gradually extending access to more than five million eligible customer accounts through the banks’ existing mobile apps.
Coordinated by the Banking and Payments Federation Ireland (BPFI), the service will eventually open to other eligible financial institutions offering IBAN accounts and mobile banking in Ireland.
Zippay allows users to send money, request funds, or split bills instantly simply by selecting contacts from their phone’s address book—provided those contacts are also enrolled.
No IBAN details, BIC codes, or manual payee setup is required; the system relies on verified mobile numbers for seamless account-to-account transfers. Daily sending is capped at €1,000, while requests are limited to €500 per transaction.
The feature links by default to a customer’s primary account but can be adjusted to another if preferred.
This launch directly targets the popularity of fintech platforms. Revolut leads Ireland’s instant payments market with over three million customers, while rivals like N26 continue to expand.
By embedding Zippay within trusted bank environments, the traditional players aim to retain customers who want speed and convenience without switching apps or institutions.
The timing aligns with broader European shifts toward instant payments under the SEPA framework, though Zippay simplifies the process further by bypassing lengthy account numbers.
The project revives earlier efforts that faltered.
A prior effort, known as Synch Payments, launched around 2020 but was shelved in 2023 amid regulatory hurdles, partner withdrawals, and rapid digital advances.
That standalone app approach proved challenging; Zippay’s integration into everyday banking apps gives it immediate reach and built-in trust.
Security remains a core advantage.
As BPFI chief executive Brian Hayes explained, the service delivers quick, straightforward transfers or bill-splitting among friends and family while leveraging the robust protections of established banking platforms.
Users avoid separate downloads or wallet top-ups, ensuring a familiar, safe experience. Eligible customers will be auto-enrolled and notified via email or in-app alerts as the feature appears progressively.
Nexi, which powers the technology through an API-driven architecture, designed Zippay for scaling.
Digital banking solutions director Renato Martini highlighted its potential for wider adoption across Ireland, with the company overseeing future integrations for interested banks.
This collaborative model underscores how traditional finance is adapting to meet modern demands for seamless digital transactions.
As Zippay goes live, it could improve everyday money transfers in Ireland, offering a bank-backed alternative to fintech solutions.