Irish financial institutions AIB, Bank of Ireland, and PTSB have officially launched Zippay, a person-to-person mobile payment service designed to enhance customer experience through instant transactions according to an RTÉ report.

The in-app service operates through the pillar banks' existing mobile banking applications and will be rolled out to approximately five million customers on a phased basis. Customers will be able to send, request, and split payments instantly using mobile numbers of contacts also using the service.

The roll-out follows an opt-out basis, meaning customers will automatically be included unless they notify their lender otherwise. Eligible customers will automatically be enrolled to Zippay, which will appear in personal banking apps once the service becomes available, using mobile numbers saved in contact lists to identify other users.

Customers can send up to €1,000 per day and request up to €500 per transaction without additional charges from banks. The service eliminates the need to set up new payees or know IBAN, BIC, or account numbers for transactions.

Brian Hayes, Chief Executive of the Banking and Payments Federation Ireland, stated, "A key benefit of this payment service is that it is being delivered through customers' existing mobile banking apps and therefore comes with all the same high levels of security, protection and digital safety."

Hayes noted the service represents a significant development for consumers, explaining it links IBAN numbers with mobile phone networks, allowing people to send, receive, and make split payments on an instant basis across the three pillar bank customers, improving customer experience and choice significantly.

The technology behind the service will be delivered by Italian payment systems company Nexi.

Discover how Irish banks are transforming customer experience through instant payment services in the complete article.