Ireland's top three retail banks are to jointly launch a mobile payment service, Zip Pay, next year to rival fintech giant Revolut.
Under the plans, customers of AIB, Bank of Ireland and PTSB will be able to send, request and split payments instantaneously with the new Zip Pay service by using the mobile numbers of their contacts who are also using the service. Customers will be able to send up to €1,000 per day as well as request up to €500 per transaction.
The move resurrects a previous venture, Synch Payments, which was abandoned in 2023 following a series of setbacks and advances in digital payments.
Unlike that previous doomed attempt, which positioned Synch as a stand-alone payments app, Zip Pay will be directly integrated into each bank's mobile app, providing instant traction to their combined five million customer base.
“Eligible customers will automatically be enrolled to Zip Pay, which will appear in their personal banking app once the service is launched next year,” says Brian Hayes, CEO of Banking and Payments Federation, Ireland. “It will use mobile numbers saved in the customer’s contact list to identify who else uses Zip Pay. There will be no need to set up a new payee or know their IBAN, BIC or account numbers - the money will transfer between accounts seamlessly."
Zip Pay will be delivered by paytech firm Nexi, which had been previously lined up to build the Synch app.
After the initial launch, Zip Pay will be offered to all financial institutions that provide Iban account services and a mobile app to Irish consumers.