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”.

Synch was established in 2020 by some of Ireland’s leading banks including AIB, Bank of Ireland, Permanent TSB and KBC.

The app will be called Yippay. 

The CCPC’s full investigation identified a number of concerns, the main one being that the founding shareholders represent a large combined share of the Irish banking sector.

The CCPC feared that this joint venture could be a “means of foreclosing potential new competitors from entering the market”.

In response to the CCPC’s competition concerns, the banks proposed to make a number of commitments including that Synch set out eligibility criteria for any banks or other financial institutions that wish to become participants in its mobile payments service.

Speaking today, Inez Cooper, Managing Director, Synch said: “We are delighted that the CCPC process has concluded and that our business and proposition has been cleared to trade.

“Over the past two years we’ve all witnessed the rapid growth in the mobile payments market throughout the country. People have become increasingly comfortable paying for goods and services in shops and restaurants with a simple ‘tap’ with their phone.

“The Synch app provides a secure, instant and frictionless experience for consumers while also ensuring a seamless connection directly to their existing banking provider, delivering efficiencies for businesses.”

Instant payment apps such as Revolut and N26 have become commonplace in Ireland over the last three years.