AIB, PTSB and Bank of Ireland Set to Launch Zippay Payment Service

AIB, PTSB, and Bank of Ireland have announced plans to launch a new mobile payment service called Zippay, set to debut in early 2026. This initiative aims to compete directly with established instant payment platforms like Revolut. Initially, Zippay will be available to the five million eligible customers of these banks through their existing mobile banking applications.

The service, developed in collaboration with the European paytech company Nexi, promises to facilitate seamless money transfers and payment requests among users. With Nexi’s strong background in digital payments and prior partnerships with Irish financial institutions, the collaboration is expected to enhance the overall user experience.

Through the Zippay app, users can send money, request funds, and split payments with contacts who are also using the service. According to Brian Hayes, CEO of Banking and Payments Federation Ireland (BPFI), the integration with existing banking apps will ensure high levels of security, eliminating the need for users to top up a digital wallet or download a separate application. He stated, “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.”

The service allows customers to send up to €1,000 per day and request up to €500 per transaction. This user-friendly approach aims to encourage broader adoption among consumers in Ireland.

Nexi’s Role and Future Expansion Plans

Renato Martini, the digital banking solutions director for the Nexi Group, expressed enthusiasm about the project. He noted that Zippay is built on an API-based architecture designed for scalability and future expansion. “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,” he added. Nexi will also oversee the integration of any eligible financial institutions that wish to participate in the service.

Martini emphasized that Nexi is proud to contribute to the acceleration of digital payment solutions in Europe. The launch of Zippay marks a significant step in enhancing the competitive landscape of mobile payments within the region.

Background and Challenges Faced

Plans for a mobile payment application by several prominent Irish banks were initially announced in 2022 under the name Synch Payments. However, those plans were ultimately scrapped due to various challenges. Delays in the project timeline made it increasingly unrealistic. An initial application for competition clearance from the Competition and Consumer Protection Commission was rejected, while a subsequent submission, although accepted, faced binding commitments.

Furthermore, the Central Bank of Ireland required authorization for the banks to operate as both an account information service provider and a payment initiation service provider, complicating the process further. As a result, the financial institutions abandoned their initial plans.

The launch of Zippay signals a renewed commitment by AIB, PTSB, and Bank of Ireland to enhance their digital payment offerings and meet the evolving needs of consumers in an increasingly competitive market.