A plan by three remaining retail banks to introduce a new mobile payment system to the Irish market has been abandoned, reports RTE.
Synch Payments, seen as a potential rival to Revolut and N26, said today that plans to bring its Yippay app to the Irish market are no longer viable.
It said it took the difficult decision to close Sync after a thorough and thoughtful review of its business plan.
In a statement, it added that a combination of factors contributed to extending the launch date, making the original proposal no longer feasible, reports RTE.
Synch was founded in 2020 by AIB, Bank of Ireland, Permanent TSB and KBC Bank Ireland to bring to market a simple, industry-wide instant mobile payment service for all payment types powered by an innovative digital solution.
But since then it has faced a series of setbacks.
KBC withdrew from the project after deciding to exit the Irish market
Synch’s original competition consent application to the Competition and Consumer Protection Commission (CCPC) was rejected for insufficient information, reports RTE.
Synch also had its initial application for competition clearance from the Competition and Consumer Protection Commission (CCPC) rejected due to the provision of insufficient information.
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