EARLY NEXT YEAR, around 5 million customers of Irish banks will be able to avail of in-app payment services.

The new person-to-person mobile payment service – essentially an Irish rival to ubiquitous Revolut – will initially be available to AIB, Bank of Ireland and PTSB customers.

It will be called “Zippay” and the in-app service will be offered through existing mobile banking apps.

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. 

The three banks were first given permission in 2022 to launch Zippay as a rival to the popular Revolut.

However, a year later these plans were scrapped and a spokesperson said a “combination of factors contributed to an elongated time frame which makes the original proposition no longer viable”.

Brian Hayes, Chief Executive of the Banking & Payments Federation Ireland (BPFI) said the revised Zippay initiative has been “developed in response to customer feedback and demand”.

“It will be delivered through customers’ existing mobile banking apps and therefore comes with all the same high levels of security, protection, and digital safety and avoids the need for topping up a digital wallet or downloading a separate app,” said Hayes.

He further explained: “Eligible customers will automatically be enrolled to Zippay, which will appear in their personal banking app once the service is launched next year.

“It will use mobile numbers saved in the customer’s contact list to identify who else uses Zippay.

“There will be no need to set up a new payee or know their IBAN, BIC or account numbers, the money will transfer between accounts seamlessly.”

The service will allow customers to send up to €1,000 per day, as well as request up to €500 per transaction.

Zippay will be delivered by Nexi, a European payment technology provider.

Renato Martini, Digital Banking Solutions Director of Nexi Group, said Zippay has been “designed for scalability and future expansion with the goal of making the solution as widely available as possible to customers across Ireland”.

After the initial launch, Zippay will be offered to all financial institutions that provide IBAN account services and a mobile app to Irish consumers.

Over the coming weeks, all eligible customers of AIB, Bank of Ireland and PTSB will receive information on the new service ahead of the rollout next year, including details on how to opt out if they so choose.

A dedicated website has also been launched today with information on the service and how it will work.