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Revolut might join Zippay
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Dr Strangelove
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It’s a guess but I imagine there could be regulatory competition issues if any presence in the market can be excluded.
Revolut already participates in schemes similar to Zippay elsewhere in the EU.
Revolut already participates in schemes similar to Zippay elsewhere in the EU.
It seems the idea of the app was to exclude revolut, but it's possible that including revolut may help avoid losing further customers to them.
podgerodge
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A BPFI spokeswoman said Zippay was “open on a non-discriminatory basis to all financial institutions that provide Iban account services and a mobile app to Irish consumers”.
Finally found a non paywalled version of that article. I think it was bit more nuanced than the headline BizPost implied. Clubman's thread title is more accurate.
“We don’t want to rush,” she said, adding the process would be “carefully designed, carefully assessed”.
...
“So if there is a payment initiative that makes sense, we will be joining this payment initiative.”
I take that to mean if it makes sense they'll join, if if doesn't they won't.
“We don’t want to rush,” she said, adding the process would be “carefully designed, carefully assessed”.
...
“So if there is a payment initiative that makes sense, we will be joining this payment initiative.”
I take that to mean if it makes sense they'll join, if if doesn't they won't.
Zippay is just a feature allowing you to send money to someone from knowing their phone number.
Revolut had this feature when it launched in 2015, but ten years later it's just a small feature of a much larger banking app (and full-on bank).
I don't think anyone at Revolut or even the other banks see it as competing with Revolut, it's just other banks catching up with this feature 11 years later, it makes complete sense that Revolut would join it too. Other countries have had it on their legacy banking apps for a good while now too. (e.g. Swish in Sweden since 2012)
Revolut had this feature when it launched in 2015, but ten years later it's just a small feature of a much larger banking app (and full-on bank).
I don't think anyone at Revolut or even the other banks see it as competing with Revolut, it's just other banks catching up with this feature 11 years later, it makes complete sense that Revolut would join it too. Other countries have had it on their legacy banking apps for a good while now too. (e.g. Swish in Sweden since 2012)
Inexpensive
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Just to add that I think I can remember hearing that this was how people in underdeveloped parts of Africa were able to send one another money
even longer ago than that. My understanding though was that what was transferred was phone credit. So no banks at all involved just the mobile providers.
I’d imagine it’s still the most commonly used feature though. It’s the only reason I use it.
And it's no longer such a big deal now with SEPA Instant
Isn't it the case that with SEPA (regular or instant?) you do or will need to get the payee name exactly right, as well, obviously, as the IBAN.
www.europeanpaymentscouncil.eu
So that's two potential points of error that could result in the payment being refused - or, worse still, misdirected? Whereas with Zippay you just have to get the phone number right? Zippay sounds simpler to me. Of course, only if your payee enables it I guess?
Verification Of Payee
So that's two potential points of error that could result in the payment being refused - or, worse still, misdirected? Whereas with Zippay you just have to get the phone number right? Zippay sounds simpler to me. Of course, only if your payee enables it I guess?
Only if your payee enables it
Only if your payee has an account with a member bank
Only if your payment is under the limit
Dr Strangelove
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Which it will be in >90% of cases.
This reminds me of the online debate prior to the introduction of eircodes in 2016 which ranged from obscure technical issues to claims that no one would use them.
Now everyone uses eircodes.
Zippay is more like that guy who went on various online rants about how his own postcode company was much better and should be used. SEPA is the eircode of this situation.
I just bought a used car and needed to move money from various savings accounts between myself and my wife before transferring the purchase price to the dealer. Zippay would have been of no use in any of the transactions due to the amounts and banks involved.