Ireland’s major retail banks are preparing to enter the digital payments arena with the launch of Zippay, a new service integrated directly into the apps of AIB, Bank of Ireland, and PTSB. The platform will allow customers to send, request, and split money using just a mobile number, eliminating the need to enter an IBAN or set up a new payee.
The service, scheduled for early 2026, will automatically enrol most customers and operate under the same security and protections already offered by the banks. Those who prefer not to use it will be able to opt out. While the service initially focuses on quick person-to-person payments, analysts see it as a strategic move to compete with fintech companies such as Revolut, which has grown popular among Irish consumers for its broad digital banking features.
“2026 could mark a real turning point in how Irish consumers interact with their banks,” said Nick Charalambous, Managing Director of Alpha Wealth. He added that Zippay’s main advantages are trust and scale, as the banks already serve over five million customers. However, he noted that Revolut has entrenched itself with multi-currency accounts, competitive exchange rates, savings tools, and digital cards, which Zippay does not yet offer.
Revolut and other digital banks have the option to join Zippay, but both Revolut and N26 have declined to commit, with N26 confirming it currently has no plans to participate.
The launch of Zippay follows a shelved project called Yippay, which was abandoned in 2023 after delays and operational challenges. Charalambous explained that Zippay took time to develop because it is a joint venture between three banks, which slowed decision-making around technology, governance, funding, and branding. Regulatory requirements and historically limited competition also contributed to the delay.
Industry experts say Zippay may chip away at Revolut’s person-to-person payment business, particularly among customers who prefer traditional banks or are less tech-savvy. Daragh Cassidy of comparison website Bonkers.ie noted that Revolut still offers a much wider suite of financial services, including loans, savings, investments, and soon mortgages, which Zippay does not replicate.
Adoption of Zippay will depend on the user experience, including ease of use, design, and reliability. Cassidy said: “It’ll be interesting to see how polished Zippay actually is at launch. More choice is always good for consumers, but the app needs to meet everyday needs to succeed.”
While Zippay is unlikely to replace Revolut entirely, its integration into Ireland’s leading banking apps represents a major step for domestic banks seeking to reclaim ground in the digital payments market. Early consumer response will determine whether Zippay becomes a fixture of daily financial transactions or remains a niche service.
