Ireland’s Synch ditches plans to roll out mobile payments app
Synch Payments, established by some of Ireland’s leading banks, has announced it will be ending plans to roll out its instant mobile payments app.
Synch ditches plans to launch mobile payments app
Founded in 2020 by AIB, Bank of Ireland, Permanent TSB and KBC, Synch had ambitions of rivalling challengers such as Revolut and N26, by launching an account-to-account mobile payment service, allowing customers to purchase goods online and in stores, as well as to send and receive money “instantly” between contacts.
In a statement, Synch says it carried out a “careful and considered review of its business plan”, ultimately reaching the conclusion that “it was no longer feasible to launch its payment app Yippay into the Irish market” and that it will cease operations.
Without divulging further details, Synch says: “A combination of factors has contributed to an elongated timeframe to launch which makes the original Synch proposition no longer viable.”
In July last year, Synch had tapped Italian paytech Nexi to act as the platform and service provider for its offering.
Synch has ditched its offering despite having received clearance from Ireland’s competition watchdog to set up its app, which had seen protests from the likes of PayPal and Revolut.
The news also follows Revolut’s introduction of local IBANs for corporate clients in Ireland in May 2023, enabling Irish businesses to set up direct debit payments.
Further, according to news reports circulating this July, Synch was informed by the Central Bank of Ireland that it would need regulatory approval from the EU before it could roll out its app.
