Revolut claims it has at least 3 million customers in Ireland. That’s most adults in this country and the reason is the ease with which customers can set up an account and make payments to friends, family and even total strangers. The Irish banks have long considered creating some sort of easy-pay rival, and now they think they might have it.  The new service, which will start in a few months will be called Zippay and it potentially brings in all the banks and doesn't require a new app or to upload anything. The 3 pillar banks have signed up and Revolut is free to do so too but one wonders whether it would bother.

Brian Hayes, Chief Executive of the Banking & Payments Federation Ireland, joined Joe Lynam on the show to discuss the new financial product and the other challenges facing the banks.