Yep....dont want to trivialize this.....but Zippay is maintaining a simple database of phones numbers and IBAN's.....the pillars banks are uniquely positioned to contribute to this collective database providing effectively a layer of identifican....IBAN = KYC = a real person ....all this is maintained by the 3rd party fintech providing the tech platform...with it you create a defacto P2P payment network that reduces friction for small payments.....its amazing its taken this long to come to fruition but such is the oligopoly held by BOI and BIRG that they felt very little competitive pressure to move on this.....its also the nature of oligopoly that when they do on it they will instantly have a P2P network that surpases revoluts and will likely very quickly eclipse it in terms of payments volume.
Zippay - AIB,BoI and ptsb to launch instant payment service
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Yep....dont want to trivialize this.....but Zippay is maintaining a simple database of phones numbers and IBAN's.....the pillars banks are uniquely positioned to contribute to this collective database providing effectively a layer of identifican....IBAN = KYC = a real person ....all this is maintained by the 3rd party fintech providing the tech platform...with it you create a defacto P2P payment network that reduces friction for small payments.....its amazing its taken this long to come to fruition but such is the oligopoly held by BOI and BIRG that they felt very little competitive pressure to move on this.....its also the nature of oligopoly that when they do on it they will instantly have a P2P network that surpases revoluts and will likely very quickly eclipse it in terms of payments volume.
How will it surpass Revoluts 60 million customers?
Risk Reversal
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I can understand the confusion but the way the best way to view this is the "initiation" of the payment.
Zippay will initially use SEPA classic to make the payment and eventually use SEPA Instant to make the payment. SEPA Instant goes live in October amongst the banks. Even though Zippay launches in early 2026 it will use SEPA classic and migrate at a future unknown date. Although to be fair it shouldn't impact the user if they maintain their commitment to make them Instant on the classic system.
The initiation of the payment by the user will be by mobile under Zippay and by IBAN with SEPA Instant.
As it stands pay by mobile already exists with the Irish banks ecosystems. So to your example of the €200, if that person was with AIB as you mention you are, you could have actually paid him via mobile as you already had his number. Similarly with BOI to BOI etc. Your gain under Zippay was if they banked with BOI or PTSB only.
I think you've misinterpreted the sentiment on this thread as an "attack" when it's rather questioning the model before it rolls out.
Zippay won't help if a) the person has opted out of it b) the person doesn't bank with the pillar banks or c) banks with the pillar banks but requests payment to their neobank account. SEPA instant doesn't have these issues once an IBAN is provided.
If the approach by the banks is to eliminate fraud or make payments easier, include all the banks so that a joint database is shared to basically use a lookup table linking mobiles to IBANS.
Risk Reversal
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To be fair I think that was outlined earlier in the thread.
podgerodge
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If these three banks were not opting in their customers, Zippay would probably be dead in the water.
Is that definitely the case? Has this been stated somewhere? Apologies if I missed it earlier...
This is possible with Revolut.
Risk Reversal
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Not the case, you can send funds via a payment link via whatsapp, email, even Instagram from a Revolut user to a non Revolut user. The beneficiary claims it. Zippay doesn't appear to have this functionality either.
Do they have to set up a Revolut account in order to claim it?
Even for amounts of up to €3K?
According to my research they would probably have to set up an account and go through AML/KYC processes?
Unfortunately this is no use in my case where I want to send up to €3K and not just the price of a pint or a meal...
Risk Reversal
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Yes, as reported by the BPFI.
£250 is the limit to request money. There is no limit to send money.
People have done this before Zippy. Lotto, win, inheritance etc., collections for parties, dinners, presents.
But if someone is not willing or unable to use the existing services, IBAN, Revolut and others. Its not because those methods are not viable. Its because they are choosing not to.
That said people free to use what ever they like.
Brendan Burgess
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No, the best way to look at this is from the user's point of view.
"Do you have an account with AIB, BoI or ptsb?"
"Yes, I do."
"OK, I have you in my phone contacts so I will send you €40. ... 10 second delay...There you go"
"Thank you very much".
But for the 1% who opt of Zippay
"Do you have an account with AIB, BoI or ptsb?"
"Yes, I do. but I did not want to give an Italian company my phone number and IBAN"
"Well, do you mind giving it to me?"
"No, not at all, you are much less likely to scam me than an Italian service provider vetted by AIB, BoI and ptsb"
"Great what is your IBAN?"
"Let me log into my AIB app to find out. Just a minute. Where is it I find my IBAN? (there follows a scene like people who want to show you a photo on their phone but can't find it) . Ah here it is. 1E - sorry, that is probably an i, not a 1. IE AIBK . 931063 , no 5."
"Sorry can you start again? I missed that - Actually it would be much quicker if you logged into your AIB App and enabled Zippay."
Brendan
I don't understand why it isn't. I've stopped using Revolut since SEPA Instant. There's no point any more, especially since there's plenty of others offering decent tax on cars purchases.
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To be fair, it was looked at from a users point of view and I clarified your misunderstanding that Zippay uses SEPA.. Now we are finally on the same page on "initiation" as was pointed out so your "no" is a bit extreme....
Also your "best way" and decision tree isolates a significant proportion who don't bank with AIB, BOI, PTSB.
For clarity, I bank with two of the pillar banks and also some of the neobanks. Just here to question Zippay's restrictive approach to making payments....
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