Ireland’s three major banks are combining forces to launch Zippay, an instant payments service designed to compete with Revolut, two years after abandoning a previous €17 million venture that never reached market.
AIB, Bank of Ireland and Permanent TSB will roll out the mobile payment platform early next year, targeting their combined five million customers with person-to-person transfers using mobile phone numbers rather than traditional banking details.
The service will integrate directly into each bank’s existing mobile apps, allowing customers to send up to €1,000 daily and request up to €500 per transaction. This embedded approach aims to avoid the regulatory complications that derailed the banks’ previous collaboration.
Banking & Payments Federation Ireland chief executive Brian Hayes said eligible customers will be automatically enrolled, with the service identifying contacts through saved mobile numbers. “There will be no need to set up a new payee or know their IBAN, BIC or account numbers, the money will transfer between accounts seamlessly,” he explained.
The initiative represents a renewed attempt to address long-standing customer frustrations with Ireland’s traditional banking transfer delays, which can take days to complete. Digital challengers like Revolut and N26 have capitalized on this gap, with Revolut alone capturing three million Irish customers since launching in 2015.
The previous effort, Synch Payments, collapsed in 2023 after facing Competition and Consumer Protection Commission hurdles and development delays, despite eventually securing regulatory approval in 2022.
Zippay will be delivered by Italian firm Nexi, which already operates similar systems in Italy, potentially ensuring smoother implementation. The service targets younger customers with limited brand loyalty who have increasingly embraced fintech alternatives offering instant transfers, savings accounts, loans, and investment platforms.
Revolut continues expanding its Irish operations and is expected to launch mortgage products in coming months, intensifying competition in the evolving financial services landscape.