How to set up a ‘fast-tracking’ system for mobile payments
A new service has emerged in the Irish financial services industry which can speed up mobile payments.
The Irish Payments Corporation (IPC) is an arm of the Irish government and is set up to ensure that mobile payments are ready and accessible for all customers by 2020.
The service is a way for people to easily transfer funds from their bank accounts to pay for things such as a taxi ride or a meal.
The IPC has partnered with banks to provide this fast-track service.
It is based in Dublin, which is the headquarters of the IPC.
The agency was set up under the auspices of the Financial Services Authority (FSA) and the Irish Payments Council (IPSC).
The service enables customers to make mobile payments via their mobile phone, or through a secure online portal.
A person who has signed up for the service can make payments from their smartphone and the transaction is processed instantly and within seconds.
The services have been used by more than 100,000 customers in the last three months.
“We are thrilled that the Irish Payment Corporation is making this transition and opening the door to quicker, more convenient, and secure mobile payments,” said Richard Burch, chairman of the IPC.
“The speed of the payments is so fast, the amount of transactions that are processed within seconds, and the ease with which they are secured makes them one of the most convenient and secure options for mobile payment transactions,” he said.
The move follows a series of other changes in the financial services sector in the past few months.
The introduction of ‘fast’ payments will mean more people will be able to use the service, and customers will be quicker to get paid for purchases.
“It has been a really exciting and exciting journey,” said Paul Murphy, a senior executive at the Irish payments organisation.
“I think it will be really beneficial for the Irish economy and we have seen a lot of growth in the sector in recent years,” he added.
There are currently four payment processors in Ireland.
They are: Irish Payments (IP), IPC, D&C and Transponder.