March 9, 2026, marks a significant milestone in the Irish financial landscape as the country’s “Big Three” retail banks—AIB, Bank of Ireland, and PTSB—officially launch their joint mobile payment service, ZipPay. Designed as a direct response to the dominance of digital-first banks like Revolut and N26, ZipPay aims to simplify the way over five million Irish customers send and receive money.
How ZipPay Works?
The core innovation of ZipPay is the removal of traditional banking friction. For years, Irish consumers have relied on 22-digit IBANs and BIC codes to transfer money between different banks. ZipPay eliminates this by allowing users to send, request, and split payments using only a mobile phone number.
Unlike standalone apps that require a separate digital wallet or “topping up,” ZipPay is integrated directly into the existing mobile banking apps of the participating banks. This means if you are an AIB customer, the service will simply appear as a new feature within your AIB app. Because it is built into the bank’s own infrastructure, it carries the same high-level security and fraud protection as traditional banking.
Transaction Limits and Eligibility
The Banking & Payments Federation Ireland (BPFI) has confirmed specific limits for the initial rollout. Users can send up to €1,000 per day and request up to €500 per transaction. Up to 30 people can be included in a single “split payment” request—a feature aimed at younger demographics and social groups splitting bills for dinners, taxis, or gifts.
The service is available to eligible customers over the age of 12 (though Bank of Ireland sets the minimum at 16). Enrollment is handled on an “opt-out” basis. This means that if you have a verified mobile number and an eligible current account, you will be automatically enrolled unless you choose to deactivate the feature in your app settings.
Why the Collaboration?
The launch of ZipPay represents a rare moment of unity between Ireland’s largest lenders. Since the project’s inception (previously known as Synch Payments), the goal has been to reclaim the market share lost to fintech giants. By using an API-based architecture delivered by the Italian pay-tech firm Nexi, the banks have created a system that is scalable. While only the “Big Three” are participating at launch, the service is designed to be “non-discriminatory,” meaning credit unions and other smaller financial institutions may join the ZipPay ecosystem later in 2026.
Security and Consumer Protection
Security remains a top priority. Because ZipPay uses the contact list on your phone to identify other users, it reduces the risk of sending money to the wrong person via a mistyped IBAN. Furthermore, the service coincides with the Central Bank of Ireland’s new regulatory outlook for 2026, ensuring that digital payments are subject to the same rigorous consumer protection standards as any other banking product.
For the millions of people in Ireland who have moved away from cash, ZipPay offers a domestic alternative that promises speed, security, and simplicity without the need for a third-party app.
