Zippay works directly via customers’ existing banking apps.
Banking service providers AIB, Bank of Ireland and PTSB are teaming up to rival Revolut with a new mobile payment service.
‘Zippay’ will be initially available to the more than 5m customers the three banks service collectively, before being offered to all financial institutions that provide IBAN account services and a mobile app to Ireland-based customers. A phased launch will begin tomorrow (10 March).
The banks are launching Zippay directly within their existing personal banking apps, removing the need for customers to make additional downloads in order to use the new service.
Banking and Payments Federation Ireland CEO Brian Hayes commented: “A key benefit of this payment service is that it is being delivered through customers’ existing mobile banking apps and therefore comes with all the same high levels of security, protection, and digital safety.
“This avoids the need for topping up a digital wallet or downloading and using a separate app. Zippay will use mobile numbers saved within customers’ contact lists to identify who else uses Zippay, making it seamless to transfer money without needing to set up new payees or know their IBAN, BIC, or account numbers. It promises to be a simple, speedy and secure experience.”
Similar to Revolut – which has around 3m users in Ireland – Zippay will let customers send and receive money or split payments. Customers will be able to send up to €1,000 per day as well as request up to €500 per transaction. As Zippay rolls out, eligible customers of AIB, Bank of Ireland, and PTSB will receive information through email and in-app messages.
Zippay is being delivered by Milan-based pay-tech Nexi, which has previously partnered with several Irish institutions offering digital payment solutions.
“Built on an API-based architecture, Zippay is designed for scalability and future growth. Following this initial launch, Zippay is being offered on a non-discriminatory basis to all financial institutions that provide IBAN account services and a mobile app to Irish consumers,” said Renato Martini, the digital banking solutions director of Nexi.
“Nexi will manage the integration of eligible financial institutions wishing 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.”
Revolut, with around 70m users globally, recently applied for a US banking license. The UK fintech is on an aggressive expansion campaign, with plans to reach a 100m customers by mid-2027.
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