ieExplains: Irish banks launch Revolut rival — What is Zippay and how do I get it?

The new mobile payments app was launched by Bank of Ireland, AIB, and PTSB on Monday 

Zippay is a new digital payment service launched on Monday as in-app service by Bank of Ireland, AIB, and PTSB. Picture:Philip Toscano/PA Wire

The new digital payments service Zippay was launched on Monday, with the potential to reach more than 5m eligible customer accounts of the three retail banks. Zippay is being delivered by European paytech company Nexi. "Eligible customers will begin to see Zippay appear automatically in their personal banking apps on a phased basis from tomorrow," said Banking and Payment Federation chief executive Brian Hayes. 

What is Zippay?

Zippay is a new digital payment service launched on Monday as in-app service by Bank of Ireland, AIB, and PTSB. This week it is being rolled out as a feature in the banking apps of the three banks. Customers will be able to send, request, and split payments instantaneously by using the mobile number of their contacts who are also using the service.

How much can I send?

Customers will be able to send up to €1,000 per day as well as request up to €500 per transaction. They can also split a bill using the service.

How is it different to Revolut?

Zippay is contained within the existing banking apps so for customers they don’t need to download a separate wallet or app.

When is it available?

Customers of AIB, Bank of Ireland, and PTSB will receive information through email and in-app messages this week.

Can I send money to someone who does not have a Zippay account?

No.

Are there additional fees for using Zippay?

No.

I don’t have an account with AIB, Bank of Ireland, or PTSB. Can I get Zippay?

Not yet - Zippay is only being rolled out through the three Irish pillar banks for now. But after the initial launch, it will be offered to other banks that provide IBAN account services and a mobile app to Irish consumers.