Ireland’s top three retail banks will this week launch Zippay, the in-app mobile payment service developed by Nexi to help the lenders take on rival fintech giant Revolut.
The service will be made available from 10 March by AIB, Bank of Ireland and PTSB in a phased launch that reaches a potential userbase of over five million customers. Once launched, it will be made available to all financial institutions offering Irish consumers IBAN-based accounts and a mobile app.
Zippay enables users to send, request and split payments by using the mobile phone numbers of contacts saved in their address book, provided they are also signed up to the service. Customers will be able to send up to €1,000 per day and request up to €500 per transaction.
Brian Hayes, chief executive, banking and payments, Federation Ireland, says: “Starting on 10 March, customers will gradually see Zippay appear in their Irish mobile banking apps. The service will offer them a quick and easy way to send and receive money, or split bills and expenses with friends, family and other contacts using the service.”