Irish banks announce brand new instant payment app to rival Revolut

Irish customers will soon have more choices in banking for instant payment services as Bank of Ireland, AIB, and PTSB have announced joint plans to launch a person-to-person mobile payment service called Zippay.

Zippay will be an in-app service and it will be available through the bank's existing mobile banking apps. With Zippay, customers will be able to send, request, and split payments instantly by using the mobile number of their contacts who are also using the service.

Zippay is expected to offer a rival service to fintech banks such as Revolut and N26 for Irish customers.

The service is due to be rolled out early on next year for more than five million customers across the country. Eligible customers will be automatically included in the roll-out, unless people choose to opt-out.

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Irish customers will be able to send up to €1,000 per day and request up to €500 per transaction. Unlike current bank transfers, there will be no need to set up a new payee nor will there be requirements for IBAN, BIC, or account numbers.

Zippay will simply use mobile phone numbers saved in customer's contact list to see who else uses the service.

Bank of Ireland, AIB, and PTSB have said that customers will receive more information on the new service in the coming weeks. Meanwhile, a new website for Zippay has been launched with information for customers.