AIB, Bank of Ireland and PTSB have begun rolling out the zippay irish banks service this week, a phased launch of instant mobile payments built into their existing banking apps. The service aims to reach more than five million eligible customer accounts and will let users send, request and split payments using mobile numbers rather than IBANs. The banks and the Banking and Payments Federation Ireland say the offering is intended to be a simple, speedy and secure alternative to standalone money-transfer apps.
Zippay Irish Banks Service: rollout and features
The Zippay Irish Banks Service will appear in the banks’ mobile apps on a phased basis from Tuesday, with eligible customers receiving details by email or in-app notifications as the rollout continues. The zippay irish banks service lets customers send up to €1, 000 per day and request up to €500 per transaction, linking by default to an individual’s primary account while allowing customers the option to attach the service to another account.
The service is being delivered by the European paytech group Nexi and is being integrated into the three banks’ existing apps rather than launched as a separate new application. That design removes the need for users to top up a separate digital wallet or to set up new payees using IBAN, BIC or account numbers: Zippay identifies other users mobile numbers saved in a customer’s contacts list, making person-to-person transfers immediate and intended to be seamless.
Zippay will be offered on a non-discriminatory basis after the initial launch to other financial institutions that provide IBAN account services and a mobile banking app, with Nexi managing the integration of eligible institutions that wish to join the scheme. While the SEPA Instant Credit Transfer system requires use of an IBAN, Zippay’s contact-based approach is presented as a user-friendly alternative.
Immediate reactions
“A key benefit of this payment service is that it is being delivered through customers’ existing mobile banking apps and therefore comes with all the same high levels of security, protection, and digital safety, ” said Brian Hayes, chief executive of the Banking and Payments Federation Ireland. “This avoids the need for topping up a digital wallet or downloading and using a separate app. Zippay will use mobile numbers saved within customers’ contact lists to identify who else uses Zippay, making it seamless to transfer money without needing to set up new payees or know their IBAN, BIC, or account numbers. It promises to be a simple, speedy and secure experience. ”
Brian Hayes also described Zippay as a quick and easy way to send and receive money or split payments or bills with friends, family and contacts who are also Zippay users. The banks have framed the launch as a move to compete with established instant-pay platforms in the State, where one rival already holds more than three million customers and others are active in the market.
What’s next
The rollout will continue to appear on customer apps over the coming days; banks note it may take a week or so for the feature to appear for all customers who use mobile banking, while funds can still be transferred to accounts in the interim. After the initial launch, Nexi will manage the integration of other eligible financial institutions that choose to join, expanding the reach of the zippay irish banks service. Observers will watch how quickly the three banks convert existing customers to the in-app feature and whether broader participation from other institutions follows this phased start.
