Irish Banking Institutions Introduce Zippay for Instant Peer-to-Peer Transfers

Ireland’s retail banks are set to launch a new peer-to-peer (P2P) mobile payment option this week, marking a bold step in the ongoing battle for digital banking dominance. New service named zippayIt is an integrated in-app solution created by European payment technology provider Nexi. It arms traditional lenders with a powerful tool that can challenge fast-growing fintech rivals in particular. rebelIt captured the majority of instant transfer users across the country.

The initiative involves Allied Irish Banks (AIB). Bank of Irelandand Persistent PTG (PTSD).

A phased rollout will begin March 10, gradually expanding access through the banks’ existing mobile apps to more than five million eligible customer accounts.

The service, coordinated by the Banking and Payments Federation of Ireland (BPFI), will eventually be rolled out to other eligible financial institutions offering IBAN accounts and mobile devices. banking in Ireland.

Zippay allows users to instantly send money, request funds, or split bills by simply selecting contacts from their phone’s address book (provided those contacts are also registered).

No IBAN details, BIC codes or manual payee setup required; The system relies on verified mobile numbers for seamless account-to-account transfers. Daily shipping is limited to €1,000, while requests are limited to €500 per transaction.

This feature is linked to the customer’s primary account by default, but can also be set to another account if preferred.

This launch directly targets the popularity of fintech platforms. Revolut continues to lead Ireland payments It’s a market with more than three million customers, as competitors like N26 continue to expand.

By placing Zippay on a trusted site bank In these environments, traditional players aim to retain customers who want speed and convenience without switching applications or institutions.

Timing is consistent with broader Europe There is a move towards instant payments under the SEPA framework, but Zippay simplifies the process further by skipping long account numbers.

The project revives previously failed efforts.

A previous effort known as Synchronous Payments was launched around 2020 but was shelved in 2023. regulator obstacles, partner withdrawal and rapid digital advancements.

This independent practice approach proved challenging; Zippay’s integration into everyday banking applications gives it instant access and built-in trust.

Security remains a key advantage.

As managing director of BPFI Brian Hayes As described, the service enables fast, simple transfers or bill splitting between friends and family, while benefiting from the strong protections of established banking platforms.

Users avoid separate downloads or top-ups to wallets, providing a familiar and secure experience. Eligible customers will be automatically enrolled and notified via email or in-app alerts as the feature rolls out gradually.

Nexi, which powers technology, APIfocused architecture designed Zippay for scale.

digital banking solutions director Renato Martini It highlighted the potential for wider adoption across Ireland, with the company overseeing future integrations for interested banks.

This collaborative model highlights how traditional it is finance It adapts to meet modern demands for seamless digital transactions.

Once implemented, Zippay could improve everyday money transfers in Ireland and provide a bank-backed alternative. fintech solutions.