Visa MD cool on banks’ bid to battle Revolut

New money-transfer apps shouldn’t be “a solution looking for a problem” and must solve unmet consumer needs.

That’s according to Mandy Lamb, Visa UK and Ireland managing director, when asked whether an app being developed by a consortium of traditional Irish banks to challenge Revolut’s dominance in the fintech market will prove successful.

AIB, Permanent TSB, Bank of Ireland and KBC Ireland set up Synch Payments in 2020. Their plan was to create a mobile app that could allow consumers instantly send money to friends, family and businesses without needing an international bank account number (Iban) or card number.

The mobile payments service will be available to customers of banks and other financial institutions. However, Revolut (which has more than 2m customers in Ireland) and smaller rivals N26 and Bunq already do far more than just allow instant payments.

Synch ran into competition concerns by early 2021, after the banks notified the Competition and Consumer Protection Commission (CCPC) of their plans. In response to the watchdog’s concerns, the banks agreed to make several binding commitments to the CCPC, and the venture won CCPC approval in June 2022.

Objections to the banking joint venture had been lodged by the Electronic Money Association, whose members include Stripe, Revolut and PayPal.

Mandy Lamb said that while she didn’t have a “predefined view of whether Synch will be successful or not, we’ve seen bank-backed wallets rolled out across the world with varying degrees of success.

“They’re usually only successful when they are solving a consumer need,” she said. “It can’t be a solution looking for a problem.

“I don’t know where the business case [for the Synch app] is going, but it’s important that it is an unmet need or use case that is solved.”

Revolut is one of the users in Ireland of the Visa Direct technology, which allows people and businesses to send payments around the world in real time, Lamb said.

“There are a lot of remittances to and from Ireland, and Visa Direct is growing really nicely in Ireland,” she said, though declined to quantify its growth.

“You can move money from any source, like cash or debit. It’s got many, many use cases, such as doing business payouts – like Uber paying money to its drivers at the end of the day. The gig economy is a classic example of its use.”

Visa is also partnering with Irish banks on “more exciting technologies coming down the pipeline” to meet the needs and demands of consumers.

​Lamb said Visa aims to provide “as much protection in the digital environment” to the expanding number of consumers using digital payments to shop online – a trend accelerated by the pandemic – as they have using chip-and-pin technology.

Almost €17.9bn was spent using contactless methods last year. That’s up almost a third from 2021, according to the Banking and Payments Federation Ireland’s (BPFI) payments monitor. Indeed, the volume of contactless payments carried out each year has more than doubled over the past four years, to 1.1bn transactions.

However, the number of scams doing the rounds in Ireland is also constantly growing – and Visa is mindful of the need to ensure consumer confidence in digital payments isn’t eroded further. Visa is using AI and machine learning to be more “predictive” about trends in fraud.

“Fraudsters are getting highly sophisticated, and we have to remain a couple of steps ahead,” she said.

She cited Visa’s token service, which replaces 16-digit Visa account numbers with a token that only Visa can unlock. The security technology gives consumers access to frictionless, card-free payments. In August, Visa said it had issued more than 4bn network tokens worldwide, surpassing the use of physical cards in circulation.

“Tokens are the quiet heroes in the background when comes to online shopping,” Lamb said. “It’s powerful. You wouldn’t really know it as a consumer, but all your sensitive data is taken out of the experience.”

Lamb was speaking ahead of the launch on Wednesday of Visa’s She’s Next grant programme, which supports female entrepreneurs to grow their business by offering five €10,000 grants, and one year’s worth of business coaching.

The payments giant is bringing the programme to Ireland for a third year.

Research commissioned by Visa found that while 98pc of male owners of small businesses in Ireland were optimistic about the future of their business, the figure was 87pc for female entrepreneurs.

Of men, 43pc see “marketing and lead generation” as their biggest challenge, but 47pc of female entrepreneurs cited “access to capital”.

Get ahead of the day with the morning headlines at 7.30am and Fionnán Sheahan’s exclusive take on the day’s news every afternoon, with our free daily newsletter.

News Related


Bakhurst says RTÉ has given TDs all documents it 'legally can' in dispute over contract disclosures

RTÉ HAS REFUSED to give a powerful committee contractual details of three former executives. Public Accounts Committee chairman Brian Stanley has said that committee members received a number of documents ... Read more »

Amazon Prime Video to introduce adverts to UK streaming platform in 2024

Amazon’s Prime Video is set to introduce adverts on its TV programmes and films as it follows in the footsteps of rival streaming giants. UK Prime subscribers are expected to ... Read more »

Louth TD confirms new post office to open on Magdalene Street

Local TD Ged Nash has confirmed that a new sub Post Office will open shortly on Magdalene Street. The Labour TD he is delighted to have been able to facilitate ... Read more »

'I think we present a big physical challenge' - Paul O'Connell

AS PAUL O’CONNELL furrows his brow and leans forward to fully listen to the questions coming his way, the thought strikes you that he could never have really stepped away ... Read more »

Ukrainian forces ‘smash through Russian front line’ in counteroffensive breakthrough

Ukrainian tanks appeared to have broken through Russia’s final line of defence in western Zaporizhzhia, signalling a major breakthrough for Kyiv’s counteroffensive. A report published by the Institute for the ... Read more »

Celtic defender eligible to represent Ireland ahead of Nations League opener

Caitlin Hayes in Ireland WNT training this week. CELTIC DEFENDER CAITIN Hayes is now eligible to represent the Republic of Ireland women’s national women’s national team, the FAI have confirmed. ... Read more »

Garda reps refuse roster talks unless November 6 deadline postponed

Ronan Slevin The Garda Representative Association (GRA) is refusing to enter negotiations on working hours unless the deadline to revert to a pre-pandemic roster is postponed. The four garda groups ... Read more »

Wholesale energy prices fell 70pc last year, dramatically more than cuts to consumers

Wholesale electricity prices were 72.5pc lower in August when compared with August 2022. Most retail customers saw no drop in the cost of their bills for that 12 month period, ... Read more »

Andrew Luck was the real winner of 49ers-Giants

Andrew Luck was the real winner of 49ers-Giants There’s leaning into the bit, and then there’s absolutely owning it. During the post-game show on Amazon Prime following Thursday night’s game ... Read more »

Louth gardai appeal for help in finding missing teenager

Louth Gardaí are appealing to the public for help in finding 17-year-old Kristina Simeckova who is missing from Dundalk, since Wednesday, September 20. Kristina is described as being approximately 5ft ... Read more »

Parents warn they will boycott Temple Street review unless investigation widened

Temple Street Children’s Hospital. Photo: Collins Parents of children on orthopaedic waiting lists in Temple Street and Crumlin Hospitals are threatening to boycott an upcoming external review unless their demands ... Read more »

Garda seek DPP decision over ‘random’ attack on man left with bleed on brain

Garda seek DPP decision over ‘random’ attack on man left with bleed on brain GARDAÍ HAVE BEEN allowed another two months to obtain the Director of Public Prosecutions’s (DPP) directions ... Read more »

EastEnders fans horrified by ‘ugly’ wedding dress as Kat Slater ties knot

After weeks of dancing around a will-they-wont-they marriage, EastEnders icons Phil Mitchell and Kat Slater were finally able to tie the knot in Thursday’s visit to Walford. The much loved ... Read more »

Top Russian nuclear submarine commander assassinated in shock machine gun attack

Vladimir Putin has lost one of his top nuclear submarine force commanders after his vehicle was hit by heavy machine gun fire.‌ Captain 1st Rank Ivan Kovgan, 52, was killed ... Read more »

Ten Hag insists he has players' backing amid reports of dressing room unrest

Ten Hag insists he has players’ backing amid reports of dressing room unrest ERIK TEN HAG insists Manchester United are fighting together to try to turn their season around. United ... Read more »

Caitriona Perry is in her element as she gives update from new job in America

You know you have made it big when the BBC come knocking and when Caitriona Perry was offered the job of Chief Presenter for BBC World News, how could she ... Read more »

Premier League Fantasy Football: Who to pick, a dark horse and this week’s fixtures

Odsonne Edouard of Crystal Palace celebrates Here are our Premier League fantasy football picks for who you need, a dark horse and an Irish pick to help your side up ... Read more »

Top heavy trailer ‘the last straw’ for Cork gardaí who seized vehicle from unaccompanied learner driver

EXPERIENCED members of An Garda Síochána instinctively know when they see something that is out of the ordinary. An example of this occurred last Thursday as a vehicle approached a ... Read more »

Carjacker kills woman by zip-tying her throat - before leaving eerie note

A carjacker killed a woman by zip-tying her throat – before leaving behind an eerie note apologising for the horrific killing. Suspect Reese Miller, 24, was caught driving a blue ... Read more »

Susanna Reid replaced on GMB again as she continues to struggle after the NTAs

Susanna Reid has apologised to her followers as she revealed that she would not be presenting Good Morning Britain again on Monday as she continues to recover from an illness. ... Read more »

Meghan Markle's unprecedented pre-royal interview 'left Palace furious'

Prince Harry and Meghan Markle have always done things their way when it comes to their relationship, ripping up the royal rule book at every twist and turn. While many ... Read more »

Thousands of local authority workers begin industrial action today

FÓRSA TRADE UNION members working in local authorities are beginning industrial action today. The union, which represents over 12,000 local authority workers, said that the decision to take action comes ... Read more »

Mother-of-one (48) is jailed for 506th conviction after stealing handbag from coffee shop

A serial thief with 505 prior convictions who stole from a woman’s handbag in a coffee shop has been jailed for four months. Mother-of-one Catherine Lambert (48) clocked up her ... Read more »

Tony Ward: If Johnny Sexton stays in this form and injury-free, Ireland will give World Cup one hell of a rattle

Johnny Sexton holds his hand after picking up a knock when scoring his first-half try Think back to those schooldays, to that dreaded final public exam, and this in a ... Read more »

Postcard from the TGV: An odyssey of a World Cup weekend

THE SUN IS rising to the right of the train as we speed past Lyon and on towards Paris. Another lovely day is upon France although, mercifully, it’s set to ... Read more »

Kingspan said to make rebuffed proposal for tie-up with Carlisle

Kingspan Group Plc made an informal approach to combine with American firm Carlisle Cos., which rebuffed the move to build a global building materials giant, people familiar with the matter ... Read more »

Americans look back on 9/11 and remember the victims on 22nd anniversary

A man leans on parapet surrounding the South reflecting pool of World Trade Center 9 11 Memorial. AMERICANS ARE LOOKING back on the horror and legacy of September 11, gathering ... Read more »

Ukraine LIVE: Russia to send ‘thousands of zombies' to fight in Putin's war of ‘madness'

Putin is increasing its professional soldier pool, according to the British MoD Russia intends to recruit more than a hundred thousand professional recruits and prisoners to “avoid further unpopular mobilisations”, ... Read more »

NFL Fans Are Praying For Family Of Legendary Giants Star

EAST RUTHERFORD, N.J. – DECEMBER 14: Quarterback Phil Simms #11 of the New York Giants huddles with the offense, including wide receiver Stacy Robinson #81 and tight end Mark Bavaro ... Read more »

Jimmy Nesbitt reveals Late Late Show date with Patrick Kielty as he tips Irish rugby team for World Cup success

Jimmy Nesbitt has revealed he will appear on the Late Late Show this month — with the actor currently in Northern Ireland training for a gruelling endurance challenge in aid ... Read more »
Kênh kiến thức kỹ năng, phát triển bản thân, hướng nghiệp, blog nhân sự