AIB, Bank of Ireland and PTSB have announced plans to jointly launch a new mobile payment service next year that will be available to the retail banks' combined customer base of 5m people.
Zippay is due to launch in early 2026 as an in-app service through the banks' existing mobile apps and is being developed by Italian payments technology company Nexi.
Intended as a rival to fintechs such as Revolut, which has gathered more than 3m Irish customers, Zippay users will be able to send, request and split payments by using the mobile numbers of contacts who are also using the service.
“We are delighted to join AIB, Bank of Ireland and PTSB in announcing the introduction of Zippay to the Irish market next year," said Brian Hayes, chief executive of Banking and Payments Federation Ireland (BPFI), the representative group for banks and payments companies.
"Developed in response to customer feedback and demand, this will provide a quick and easy way to send and receive money or split bills with friends, family and contacts who are also Zippay users.
"It will be delivered through customers’ existing mobile banking apps and therefore 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.”
Eligible customers will be automatically enrolled into Zippay upon launch, and it will use mobile numbers saved in the user's contact list to identify who else uses Zippay.
Hayes said there would be no need to create new payees or know their IBAN, BIC or account numbers when making transfers. Customers will be allowed to send up to €1,000 per day and request up to €500 per transaction.
"It will be simple, speedy and secure," Hayes concluded.
BPFI said that Zippay developer Nexi already has a strong track record in the Irish financial services sector having successfully partnered with domestic institutions to offer a range of reliable digital payment solutions.
Renato Martini, digital banking solutions director for Nexi Group, said: “Built on an API-based architecture, Nexi has designed Zippay for scalability and future expansion with the goal of making the solution as widely available as possible to customers across Ireland.
"After the initial launch, Zippay will be offered on a non-discriminatory basis to all financial institutions that provide IBAN account services and a mobile app to Irish consumers and Nexi will manage the integration of eligible financial institutions that wish to join the service.
"Delivering this service in Ireland is an important recognition of Nexi's experience in developing and launching innovative Account-to-Account solutions, thanks to its know-how, skills, and people. We are proud to be contributing to the further acceleration of digital payment solutions in Europe.”
AIB, Bank of Ireland and PTSB will send information about the new service to their customers in the coming weeks, including details on how to opt out if they so choose, and a dedicated website also launched today.
Additionally, each bank has launched their own dedicated online Zippay information page on which customers can find further details specific to their bank.
(Pic: Getty Images)
