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What is Irish banks' new mobile-payment service Zippay?
Zippay enables 5 million customers of AIB, Bank of Ireland, and PTSB to send and split payments instantly using mobile numbers without IBANs or separate apps.
- AIB, Bank of Ireland and PTSB are launching Zippay, with a phased rollout starting tomorrow , integrated into their existing banking apps.
- To blunt fintech competition, AIB, Bank of Ireland, and PTSB position Zippay to protect younger customers and reduce friction by integrating payments within their banking apps.
- Built on an API architecture, Nexi, Milan-based pay-tech, delivers Zippay using customer contact lists and shares name, IBAN, registered mobile, transaction counts, and encrypted date-of-birth and mobile combo with the trusted service provider.
- The rollout will affect roughly five million customers on a phased basis, with no extra fee and eligible customers receiving emails and in-app messages; other IBAN-based financial institutions and credit unions can join over time.
- Observers warn that convincing existing Revolut users will be difficult, as over three million may resist switching and fintechs like N26 are unlikely to join to avoid cannibalising their offerings.
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Total News Sources11
Leaning Left3Leaning Right0Center2Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 40%
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