Ireland’s top three retail banks, AIB, Bank of Ireland, and PTSB, are set to launch a new mobile payment service called Zip Pay next year, aiming to compete with fintech giant Revolut.
With Zip Pay, customers will be able to send, request, and split payments instantly using the mobile numbers of their contacts also using the service. Users can send up to €1,000 daily and request up to €500 per transaction.
This initiative revives a previous project, Synch Payments, which was discontinued in 2023 due to various setbacks in the digital payments landscape. Unlike the earlier attempt, which operated as a standalone app, Zip Pay will be integrated directly into each bank’s mobile application, leveraging their collective customer base of five million.
“Eligible customers will automatically be enrolled in Zip Pay, which will be accessible in their banking apps upon launch,” explains Brian Hayes, CEO of Banking and Payments Federation, Ireland. “The service will utilize mobile numbers saved in customers’ contact lists to identify other Zip Pay users, eliminating the need for new payee setups or account details—the money will transfer smoothly between accounts.”
The service will be provided by paytech firm Nexi, which was also involved in the initial Synch app development. Following its launch, Zip Pay will be available to all financial institutions offering IBAN account services and mobile applications to Irish consumers.