Irish banks launch P2P payments service

The service will be made available from 10 March by AIB, Bank of Ireland and PTSB in a phased launch that reaches a potential userbase of over five million customers. Once launched, it will be made available to all financial institutions offering Irish consumers IBAN-based accounts and a mobile app.

Zippay enables users to send, request and split payments by using the mobile phone numbers of contacts saved in their address book, provided they are also signed up to the service. Customers will be able to send up to €1,000 per day and 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, Zippay is directly integrated into each bank’s mobile app, providing it with instant traction.

Brian Hayes, chief executive, banking and payments, Federation Ireland, says: “Starting on 10 March, customers will gradually see Zippay appear in their Irish mobile banking apps. The service will offer them a quick and easy way to send and receive money, or split bills and expenses with friends, family and other contacts using the service.”