Summary
- No unified national QR payment standard - Ireland follows European frameworks (EPC QR, EMVCo)
- Zippay launching early 2026 - joint P2P service by AIB, Bank of Ireland, and PTSB
- SEPA Instant available through major banks (10-second transfers)
- Big Three (AIB, Bank of Ireland, PTSB) dominate after Ulster Bank/KBC exits
- Revolut has ~3 million Irish users, significant fintech presence
Banking landscape
Central Bank
- Name: Central Bank of Ireland
- Website: https://www.centralbank.ie/
- Role: Banking supervision, payment systems oversight, consumer protection
Major Banks (2024)
| Rank |
Bank Name |
Total Assets (EUR) |
Market Share |
Type |
| 1 |
Citibank Europe |
178,620 M |
~22% |
International |
| 2 |
Bank of Ireland |
161,810 M |
~20% |
Domestic |
| 3 |
AIB |
141,270 M |
~18% |
Domestic (40.8% State-owned) |
| 4 |
PTSB |
28,930 M |
~4% |
Domestic (57.4% State-owned) |
Market Structure
- Big Three Retail: AIB, Bank of Ireland, PTSB
- Mortgage Market: AIB + Bank of Ireland hold 75%+ combined share
- PTSB Mortgage Share: 16.3% (growing after Ulster Bank acquisition)
- 2023 Combined Profits: EUR 3.7 billion (+100% YoY)
Market Consolidation (2022-2024)
- Ulster Bank: Exited Irish retail market
- KBC Bank Ireland: Exited Irish market
- Big Three absorbed customer portfolios
- Reduced competition temporarily
Payment infrastructure
National Payment Systems
| System |
Operator |
Type |
Status |
| TARGET2-IE |
Central Bank of Ireland |
RTGS |
Active |
| SEPA Instant |
EBA Clearing/TIPS |
Instant payments |
Active |
| Card Payments |
Various |
Debit/Credit |
Active |
SEPA Instant Payments
- Speed: Within 10 seconds
- Availability: 24/7/365
- Currency: EUR only
- Limit: Varies by bank (up to EUR 100,000)
SEPA Instant via AIB
- Available through mobile app, Internet Banking, in branch, Kiosk, and iBB
- Users can set daily or transaction limits
- From October 2025: No additional limits beyond existing channel limits
SEPA Instant via Bank of Ireland
- Default option on 365 Online when payee's bank supports it
- Can switch to regular SEPA payment if preferred
EU Regulation Timeline
- January 2025: PSPs must receive SEPA Instant payments
- October 2025: PSPs must send SEPA Instant payments
QR code standards
No Unified National Standard
Ireland does not have a country-specific QR payment standard like Croatia's HUB3 or Slovenia's UPN QR. The market relies on:
| Framework |
Type |
Status |
| EPC QR (SCT) |
European standard |
Available |
| EMVCo QR |
Global standard |
Available |
| Payment gateway QR |
Various providers |
Active |
EPC QR Code Compliance
- European Payments Council standards apply
- Generalized for Mobile-initiated SCTs (MSCTs)
- Covers P2P, C2B, B2B, and B2C contexts
- Supports both SCT and SCT Inst (instant)
EMVCo QR Specifications
- Consumer-presented mode (CPM)
- Merchant-presented mode (MPM)
- Multiple payment options via single QR code
Merchant QR Solutions
- SumUp, Square, and other payment providers offer QR
- Primarily for contactless payment acceptance
- Not standardized across banking sector
Mobile payment apps
| App Name |
Bank |
SEPA Instant |
QR |
Zippay |
| AIB Mobile |
AIB |
Yes |
Limited |
2026 |
| Bank of Ireland 365 |
Bank of Ireland |
Yes |
Limited |
2026 |
| PTSB Mobile |
PTSB |
Yes |
Limited |
2026 |
| Revolut |
Revolut |
Yes |
Yes |
N/A |
| N26 |
N26 |
Yes |
Yes |
N/A |
AIB Mobile Features
- SEPA Instant payments
- Standard and instant payment toggle
- Customizable instant payment limits
- Pay & Transfer functionality
Bank of Ireland 365
- SEPA Instant as default option
- Mobile banking with instant transfers
- 365 Online platform
Third-party payment apps
| App Name |
Type |
Users (Ireland) |
Status |
| Revolut |
Digital bank |
~3 million |
Dominant fintech |
| N26 |
Digital bank |
~200,000 |
Growing |
| Bunq |
Digital bank |
Growing |
Active |
| Apple Pay |
NFC Wallet |
Widespread |
Active |
| Google Pay |
NFC Wallet |
Widespread |
Active |
Revolut Dominance
- Nearly 3 million Irish users
- Multi-currency accounts
- 2024 Best Current Account (Bonkers.ie)
- Licensed by Bank of Lithuania, regulated by Central Bank of Ireland
- Deposits covered under Irish Deposit Guarantee Scheme
N26 Presence
- ~200,000 Irish customers
- German bank license (European Passport)
- Joint accounts launched April 2024
- Savings accounts launched March 2024
Schemes
| Scheme |
Type |
Symbology |
Adoption |
Technical standard |
| EPC QR |
Payment QR |
QR Code |
Limited |
epc-qr |
| Zippay |
P2P mobile |
Phone # |
AIB/BOI/PTSB |
zippay |
| EMVCo QR |
Global standard |
QR Code |
Via PSPs |
— |
Sources
Full country report
IE-ireland.md