Banks are increasingly embedding real-time payment capabilities into their digital channels to compete with fintech-led user experiences. The launch of Zippay in Ireland highlights how traditional lenders are collaborating to deliver seamless peer-to-peer payments within existing banking apps.
The landscape of retail banking in Ireland has reached a significant turning point, as the country’s top three financial institutions prepare to debut a unified mobile payment solution. This week marks the official introduction of Zippay, an in-app service developed by the European paytech leader Nexi. The platform is specifically designed to allow traditional lenders to regain ground lost to digital-first fintech giants like Revolut. By leveraging a collective user base of over 5 million customers, the initiative represents a massive effort to modernise Ireland’s domestic payment infrastructure.
Starting on 10 March, the service will be rolled out by AIB, Bank of Ireland, and PTSB. This phased approach ensures that digital systems can handle the anticipated transaction volume while providing a smooth onboarding experience for users. Although the top three banks lead the project, the platform is intentionally open. Any financial institution that offers Irish consumers a mobile application and accounts based on the International Bank Account Number system will eventually be eligible to join the network.
The core functionality of the new service focuses on the ease of movement for personal funds. Users can send, request, and split payments using only the mobile phone numbers already saved in their personal address books. This eliminates the need for cumbersome account numbers or sort codes during casual transactions. To maintain security and manage risk, the banks have established clear transaction limits. Customers are permitted to send up to 1,000 Euros per day and can request up to 500 euros for any single transaction.
The introduction of this platform is a direct resurrection of a previous industry venture, Synch Payments. That earlier attempt was abandoned in 2023 due to several logistical setbacks and rapid advances in the broader digital payments market. However, the strategy for this new iteration differs in one crucial way. While the previous attempt sought to create a standalone application, Zippay is integrated directly into each bank’s existing mobile apps. This direct integration provides the service with instant traction, as customers do not need to download new software or create entirely new account profiles.
Brian Hayes, the Chief Executive of Banking and Payments at Federation Ireland, noted that customers will gradually see the feature appear in their respective banking interfaces. He emphasised that the service is intended to provide a quick and easy way to manage everyday expenses, such as splitting a dinner bill or sending money to family members. By placing these tools directly in the apps customers already trust, the banks hope to simplify their users’ daily financial lives.
The success of this launch is seen as a critical test for the traditional banking sector. As consumer behaviour shifts increasingly toward mobile-first interactions, the ability to provide a seamless peer-to-peer experience has become a baseline requirement for modern banking. By collaborating on a single standard while maintaining their individual brand identities, these Irish lenders are seeking to build a secure, sovereign payment ecosystem that can compete with international digital wallets. This development suggests that a blend of traditional security and high-speed digital convenience will define the future of Irish banking.
What this means for the industry
• Banks are collaborating to compete with fintech players
Traditional institutions are joining forces to build shared payment ecosystems that can rival digital-first competitors.
• Embedded payments are becoming the default model
Integrating payment capabilities directly into banking apps improves user adoption and reduces reliance on external platforms.
• Peer-to-peer payments are now a core banking feature
Sending and receiving money seamlessly is becoming a standard expectation for mobile banking users.
• Open payment networks are expanding across markets
Platforms that allow multiple banks to participate are helping scale adoption and create unified national payment systems.
• User experience is a key battleground in digital banking
Simplifying everyday transactions is essential for retaining customers in an increasingly competitive financial landscape.
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