Yippay to take on Revolut

Atlantic Dawn

The Irish banks getting together now to try to take on Revolut with a new app they have developed called Yippay of all things, it's a little like your drunk uncle getting up to dance at a wedding with 14 pints on him thinking he's Michael Flatley. They are about 5 years too late with it.

The State's main banks have been given permission to set up a new app to rival Revolut.

The Competition & Consumer Protection Commission (CCPC) today cleared the way for Synch Payments DAC to launch what it describes as “an industry-wide mobile instant payment service designed to transform and disrupt how payments are made and received in Ireland”.

https://www.thejournal.ie/synch-yippay-revolut-pay-5792708-Jun2022/

Jim_Hodge

Not too late at all. Users can be very fickle and a new option may well garner plenty of attention.

hynesie08

So, what are we thinking, either "instant" means 4-6 hours or they charge for it?

Tow

A closed shop system for the local boys. They could just add SEPA Instant support to their existing systems.

Still stihl waters 3

Do they accept cash

2ndcoming

They need to hurry up and die.

Kat1170

They can't even make what they have work, not a hope of them creating something new that does

If only they could have made an updates in the last 15 years so it doesn't take 2 working days for transactions to show on my credit card. I wonder if they'll be able to match Revolut's sign up bonuses. Risky business unless they can actually manage to make a functioning app it'll make the losses of rural branches look like nothing.

Atlantic Dawn

I remember being abroad some years back and point of sale transactions would take 2 days plus to show up on my online banking with AIB, I could basically be drained dry of funds and not know it until it was too late. When I got my first Revolut card roughly 3 years ago or so I bought myself a few bits in a grocery shop in US and was literally putting the items in my bag in the shop when I was getting the transaction notification on my phone, instant and without massive FX rates on top.

Jim2007

https://www.boards.ie/discussion/comment/119212867#Comment_119212867

Oh give it a bit more time, it is on the the way. In about 10 years or so there will 6 - 8 major banking and perhaps 10 - 14 regional banking groups in the Euro zone and then you’ll be paying significant bank fees.

Nevin Parsnipp

It would have to have a lot of advantages over Rev for this poster to change ...

Sleepy

Bank of Ireland can't even manage to run the 2 part authentication for their Banking 365 app reliably. No way they'll be able to keep this online.

Suckit

Vivid will be launching here soon, was delayed due to covid. I think that will be the main contender to Revolut, and already looks better. The delay has allowed Revolut to catch up with a lot of things, but I still think Vivid might be the better option. Doubt there will be much room for Yippay when that happens.

GhostyMcGhost

https://www.boards.ie/discussion/comment/119226395#Comment_119226395

This doesn't sound like launching

https://www.irishtimes.com/business/technology/revolut-rival-vivid-withdraws-application-for-irish-e-money-licence-1.4840071

Suckit

https://www.boards.ie/discussion/comment/119226451#Comment_119226451

Ah balls. I was looking forward to that. I was on to them before christmas and they told me that they were hoping to have had launched already at that stage..

Reading that article it seems a few companies have had the same issues. Vivid has some excellent promotions in EU.

It seems it could still "Potentially launch here" though? A bit confusing..

Vivid, whose valuation has more than doubled over the last year, is on target to reach 1 million users by the end of this year. Its user base increased five-fold last year while revenues grew 25x.

The company, which is eying expansion in at least five other markets this year, and has plans to be available across all of Europe by the end of 2023, stressed that it could potentially launch here shortly.

“The Irish market is definitely interesting for Vivid Money,” the company spokesman added.

Ubbquittious

This kind of thing never goes well.

When WhatsApp came out the likes of Vodafone, Nokia, Ohtue, all the old favourites banded together to decide to do something about it. They came up with their own messaging protocol to integrate into phones. It was years before they could agree on anything. When they finally did the standard was big, bloated and convoluted, "designed by committee", fell short of expectations and was a nightmare to implement. It ultimately went nowhere.

BowWow

Is Yippay still going ahead ?

Atlantic Dawn

https://www.boards.ie/discussion/comment/120764730#Comment_120764730

I see they have registered Yippay.ie but nothing else seems to have moved on it, no recent stories in the media, looks scrapped at this stage.

BowWow

https://www.independent.ie/business/irish/visa-md-cool-on-banks-bid-to-battle-revolut/a828527830.html

BowWow

More delays for Synch, Irish banks’ instant payments app

https://www.independent.ie/business/personal-finance/more-delays-for-synch-irish-banks-instant-payments-app/a1132939568.html

razorblunt

Revolut really have gone to the dogs. Absolutely no coincidence at all, I'm sure, that a massive drop off came after they appointed that cowboy Gilbert as Chairman .

kneemos

First thing they need to do is change the name.

Who came up with Yippay!

Atlantic Dawn

Plans dropped to launch this...

In a statement Synch said that following a careful and considered review of its business plan it has reached the difficult decision that it is no longer feasible to launch its payments app, Yippay, into the Irish market and Synch will cease operations.

https://www.independent.ie/business/personal-finance/banks-pull-plug-on-instant-payment-app-plans-in-victory-for-revolut/a151396219.html