Ireland’s Synch ditches plans to roll out mobile payments app
- Synch Payments, founded in 2020 by leading Irish banks AIB, Bank of Ireland, Permanent TSB, and KBC, is abandoning plans to launch its instant mobile payments app.
- The company aimed to compete with challengers like Revolut and N26, offering an account-to-account mobile payment service for online and in-store purchases, as well as instant money transfers between contacts.
- Synch conducted a careful review of its business plan, concluding that it was no longer feasible to launch the payment app Yippay in the Irish market, citing an elongated timeframe and various contributing factors.
- Despite obtaining clearance from Ireland’s competition watchdog, protests from PayPal and Revolut, and Nexi as its chosen platform provider, Synch has decided to cease operations without providing specific details.
- Reports indicate that the Central Bank of Ireland informed Synch in July that it needed regulatory approval from the EU before rolling out its app, adding to the challenges faced by the company.
- The decision to abandon the mobile payments app comes amid Revolut’s recent introduction of local IBANs for corporate clients in Ireland, providing them with the ability to set up direct debit payments.