Three Irish Banks Launch Zippay as Markets Dive Overnight
Three major Irish banks are beginning a phased rollout of a new instant-payments feature, zippay, this week to let customers send, request and split money inside their existing mobile banking apps. The service from AIB, Bank of Ireland and PTSB starts rolling out from tomorrow (ET) and could reach more than five million customer accounts. The launch comes as share markets nosedived overnight (ET) and Brent crude surged sharply, intensifying pressure on payment providers to shore up domestic options.
Market shock and the banks’ timing
Share markets plunged in Asia overnight (ET) while Brent crude jumped 27% to $117. 58 a barrel, a volatility backdrop that coincides with the banks’ decision to push the new product live this week. Banks are rolling out zippay in that unsettled environment, framing the service as a convenient, in-app alternative to existing digital payment apps and international challengers in the Irish market.
How Zippay will work
Zippay will appear inside the mobile apps of AIB, Bank of Ireland and PTSB on a phased basis, meaning customers will not need to download a separate app or manually add IBANs for new payees. Users will be able to send, request and split payments instantly using the mobile numbers of contacts who are also using the service. The Banking & Payments Federation Ireland (BPFI) sets transaction limits at up to €1, 000 per day for sends and requests of up to €500 per transaction. The system identifies other Zippay users through a customer’s saved contacts and is being delivered by the European payments technology company Nexi. The initial rollout will be followed by an extension that opens the service to other financial institutions in Ireland that offer IBAN accounts and mobile banking apps.
Reactions, rollout details and what comes next
Brian Hayes, chief executive of the Banking & Payments Federation Ireland, said: “Zippay will provide a quick and easy way to send and receive money or split payments or bills with friends, family and contacts who are also Zippay users. ” Eligible customers will see the feature appear automatically in their apps and will receive information by email or in-app notifications as the phased rollout continues. Plans for the service were first announced in 2022 and a wider rollout was confirmed in September last year; the banks position Zippay as a domestic rival to established money-transfer apps, including one that already has more than three million users in Ireland.
Looking ahead, banks will monitor customer uptake and expand access to other institutions that meet technical and IBAN account requirements. Users should expect staged availability and bank notifications through this week (ET) as the banks scale the service and assess demand for instant person-to-person transfers zippay.
