Zippay - AIB,BoI and ptsb to launch instant payment service

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People will be able to pay via mobile phones so won't need IBANs.

They won't need another app. They can do it from their current banking app.

Scheduled to go live early 2026
 
Don't AIB already have a version of this for AIB customers? I think I would use something like this as I am reluctant to use Revolut due to lack of human support. I might be misguided here but I can call up AIB customer support and speak with someone helpful if I have an issue.
 
Yes, AIB has it. I have used it once only and I think that was just to see how it worked.
Both sides must 1) know about it 2) have set it up 3) be AIB customers.
Most of the people who might know about it, have Revolut already.

misemoi said:
I might be misguided here but I can call up AIB customer support and speak with someone helpful if I have an issue.
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Brian Hayes of the Banking & Payments Federation made this point in his interview on Morning Ireland.
 
This is good and interesting that it's interbank.

Many banks have this within their own walled garden e.g. revolut to revolut or N26 to N26. Revolut got there first and have the critical mass to be the default casual payment method at the moment. But this puts the legacy banks into a shared system with each trusting each others phone number verification.

One thing they have already mentioned in FAQs is that if you have accounts with all 3 you'll need to choose a default bank for your phone number to receive to.
 
I've one question, why is this coming on an opt-out basis?

No problem if the banks want to compete with Revolut, which is an opt-in service, off you go. This isn't competition if people aren't given a choice in the matter. It's hard to see that this isn't a case of the three pillar banks trying to pull a fast one on all of us.
 
nest egg said:
This isn't competition if people aren't given a choice in the matter. It's hard to see that this isn't a case of the three pillar banks trying to pull a fast one on all of us.
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I don't understand?

If I am told in January that I can transfer money to you using just your phone number, surely that is good?

If we have to opt-in to the service, a lot of people won't opt in due to inertia.

And opting in would be a field day for scammers. You would get all sorts of texts and emails inviting you to opt in and next thing your bank account would be cleared.

What is the disadvantage of this payment scheme? Is it vulnerable to more fraud than the ordinary bank payment system? I have the AIB app on my phone. A fraudster would have to be able to access it and then transfer money to his phone number. But if he can access the AIB app on my phone, then he can transfer it to another bank account anyway. So it doesn't look more vulnerable.

And if there is a disadvantage, then you can opt out.

Brendan
 
Depending on which bank you are with you will be able to send a payment from a personal demand deposit account as well as a current account. It seems you can only get paid in to a current account but I could be wrong.
 
Seems a bit short sighted to spend the effort on developing a national solution when there are pan-European equivalents already available, such as Wero. With many Irish people already using 'neo-banks' like N26, Bunq and Revolut - it only serves to fragment the Irish banking market even further if the neo-banks are not on board from the beginning.

SEPA Instant is larger than just Ireland so it would have made sense to have a system that functions at a European level rather than yet another national one (considering that Zippay is essentially just a 'phone number to IBAN lookup' service for the banks to facilitate payments via SEPA).
 
They're pretty late to the party. Is there much demand for this when SEPA Instant is available? I'm already using revolut much less since I can send instant transfers to people with their IBANs.
 
Brendan Burgess said:
If I am told in January that I can transfer money to you using just your phone number, surely that is good?

If we have to opt-in to the service, a lot of people won't opt in due to inertia.

And opting in would be a field day for scammers. You would get all sorts of texts and emails inviting you to opt in and next thing your bank account would be cleared.

What is the disadvantage of this payment scheme? Is it vulnerable to more fraud than the ordinary bank payment system? I have the AIB app on my phone. A fraudster would have to be able to access it and then transfer money to his phone number. But if he can access the AIB app on my phone, then he can transfer it to another bank account anyway. So it doesn't look more vulnerable.

And if there is a disadvantage, then you can opt out.
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Having something which is convenient doesn't automatically make it good for the consumer.

This is a payment service, similar to Revolut, developed by the pillar banks. Due to their market dominance, the opt-out approach is exploitative, it's for the banks' benefit, not the consumer, as it entrenches their positions.

Let this service stand on its own two feet, if there's an advantage, then you can opt in.
 
PTSB currently offer me 0.01% AER on my Instant Access Account, paid once a year.

Revolut pay me 1.5% AER on my Instant Access Account and the interest is paid daily.

Small beer, but it will take a bit more than having a human being at the end of a phone helpline to persuade me to give up my Revolut account.

So I'll be opting out.
 
misemoi said:
I am reluctant to use Revolut due to lack of human support.
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Do you have much of a need for Revolut? Most people I know just enough cash to cover what they need to transfer. That risk reward seems fine.


Fortune said:
Is there much demand for this when SEPA Instant is available?
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It depends what the service looks like. Revolut works very well with expenses shared with groups. Think of a weekend away with friends. One person pays for the accommodation, another the groceries and another a meal out for 6. Regardless if they were paid with revolut or not these costs can be split say 6 ways (with adjustments if needed) and then it simplifies the settle up.

I suspect this is a common use of revolut with young people.

It’s not clear if the new system will do that but to challenge Revolut it will need to. That’s a lot more than just a SEPE transfer.
 
I got this email from AIB just now

​


1. A new way to pay family and friends called Zippay


We've listened to customers and we're introducing an easier and faster way to pay family and friends in your AIB mobile app. It's called Zippay and it will be available to AIB, Bank of Ireland and PTSB customers early in 2026.


With Zippay, you can send and receive fast and secure payments to and from your mobile contacts who are also signed up, even if they are with a different bank.


To do this, we are making some changes. One of these changes is if you use Pay a Contact, we'll remove it when Zippay goes live in the app.


Do I need to do anything to set up Zippay?


All you need to do is check your mobile number is verified in the AIB mobile app (see how below).


Then, to make it easy, we'll set you up by sharing some information with our Zippay partner. If you don't want us to set you up for Zippay, that's OK; let us know before 28 October 2025 (see how below).


We'll let you know in the AIB mobile app when Zippay is ready. You can find out more at aib.ie/Zippay




​
 
Marsupial said:
Small beer, but it will take a bit more than having a human being at the end of a phone helpline to persuade me to give up my Revolut account.

So I'll be opting out.
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Ah, I did not realise that by having this account, you must close your Revolut account and any other accounts which might compete with Zipay

Silly me!
 
Brendan Burgess said:
Ah, I did not realise that by having this account, you must close your Revolut account and any other accounts which might compete with Zipay

Silly me!
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I don't remember making that claim; but I completely respect your right to make fun of my view, if it cheers you up.
 
Marsupial said:
Small beer, but it will take a bit more than having a human being at the end of a phone helpline to persuade me to give up my Revolut account.
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I must have misunderstood you then.

Who is trying to persuade you to give up your Revolut account?

I have a Revolut account and it's very useful. I won't be giving it up.

When the Zip account is open and I need to pay people, I will ask "Revolut or Zip?". Or maybe I won't have any money in my Revolut account, so it will suit me to pay by Zip.

For forex, I will continue to use Revolut.
 
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SJC_Dublin said:
SEPA Instant is larger than just Ireland so it would have made sense to have a system that functions at a European level rather than yet another national one
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There are ≈500 million payment accounts in SEPA, 4,000 receiving institutions, and 36 countries.

I’m not saying it will never happen but setting it up would be a very long term and expensive project.
 
nest egg said:
This is a payment service, similar to Revolut, developed by the pillar banks.
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Revolut operates a closed system with peer-to-peer payments only for Revolut customers.

Zippay claims it will be able to execute payments between banks.

These are quite different.
 
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