New mobile payment service launches today

Ottoline Spearman

A new mobile payment service will be rolled out across the country from Monday.

Zippay is being offered by AIB, Bank of Ireland and PTSB through their existing mobile apps.

Customers will be able to send, request, and split payments instantly, using the mobile numbers of contacts who are using the new service.

Zippay has the potential to reach 5 million customers who are already banking with Ireland's three main banks, rivalling Revolut, which has a current customer base of over 3 million.

Zippay says that the new service will appear automatically in existing users' apps, allowing people to receive payments straight into their accounts using their mobile number.

While the has been branded as a strong rival to Revolut, Brian Hayes, Chief Executive of the Banking and Payments Federation Ireland (BPFI), previously denied that it is an attempt to take over the Revolut sector.

After the initial launch, the service will be offered to other banks that provide IBAN account services and a mobile app to Irish consumers.

More information about the new service and how to use it is available here.