Early next year, a new mobile payment service known as Zippay is expected to hit the market, thanks to the collaboration of AIB, PTSB, and Bank of Ireland. These three major institutions are coming together to create an online banking tool that has the potential to directly challenge the popular payment app, Revolut. The launch is scheduled for early 2026, and the service will initially cater to approximately 5 million eligible customers from these banks.
To facilitate this ambitious endeavor, AIB, PTSB, and Bank of Ireland have partnered with Nexi, a European pay-tech firm headquartered in Milan. Nexi boasts experience in the Irish financial sector, having established partnerships with multiple institutions to enhance their digital payment offerings.
Users of the Zippay app will be able to perform several functions including sending and requesting money as well as splitting payments with contacts who are also users of the service. Brian Hayes, the CEO of Banking and Payments Federation Ireland (BPFI), explained that Zippay is designed to provide a high level of security, stating, "The service is connected via existing mobile banking apps, and it will come with the same high levels of security, protection and digital safety."
This innovative approach negates the requirement for customers to top up a digital wallet or download an entirely separate app. According to Hayes, the simplicity of Zippay is a key feature: "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 will allow customers to send up to €1,000 per day and request up to €500 per transaction."
Renato Martini, who serves as the digital banking solutions director for Nexi Group, added insights on the architecture and scalability of the platform. He stated, "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."
Martini also indicated Nexi's commitment to inclusivity, saying, "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. Nexi will manage the integration of eligible financial institutions that wish to join the service."
Reflecting on the historical context of mobile payment solutions in Ireland, it’s notable that plans for this app date back to 2020. Originally branded as Synch Payments, those early plans faced multiple hurdles including delays and a rejected initial application for competition clearance from the Competition and Consumer Protection Commission. Although the second submission was accepted, it came with binding commitments that complicated the timeline.
Moreover, when the Central Bank mandated that authorization as an account information service provider and a payment initiation service provider was necessary, the existing challenges intensified. Ultimately, these setbacks led the financial institutions to abandon their earlier plans.
Despite the tribulations faced in the past, the launch of Zippay marks a fresh start for these banks as they attempt to capture the evolving marketplace of digital payments in Ireland. The appetite for innovative and user-friendly financial solutions continues to rise, making the timing of Zippay crucial for the participating banks and their clients alike.
As they move forward, the prospect of Zippay taking flight in early 2026 will be closely watched by both industry analysts and consumers eager for competitive options in the digital payment arena.