More than 100 Norwegian banks are to take a stake in Vipps, the person-to-person mobile payment solution launched by financial services group DNB and Tata Consultancy Services (TCS) in May 2015. TCS reported that a quarter of Norway’s population was using Vipps by March 2016, claiming it to be “the number one downloaded app in Norway”.
The banks will continue the development of Vipps in collaboration with DNB, and the service will be launched in-store in 2017, DNB has told NFC World. VippsThe SpareBank 1 Alliance, the Eika Alliance, Sparebanken Møre and the 15 independent savings banks which are co-owners of Frende Forsikring have signed a letter of intent to jointly acquire a stake in Vipps, representing 106 banks.
“Vipps has ambitions to become a 360 degrees payment service for all situations,” DNB says. “We have successfully launched solutions for in-app, e-commerce and invoice. In 2017, we are also launching in-store solutions.”
“Over the course of 2017, Vipps will be available in far more places than we have seen up until now,” says Rune Bjerke, group chief executive of DNB and incoming chairman of the board of Vipps. “This alliance will make us better equipped to win the race against Nordic and international market participants.”
“Payment solutions that up to now have been jointly developed by the other banks will also be included in Vipps,” DNB adds. “SpareBank 1 will transfer its mobile payment solution mCash and all mCash customers will be invited to transfer over to Vipps.”
„We are experiencing a market where more and more players are competing to launch their own solutions for mobile payment. For many, this is confusing, whether one should pay or receive payment. Although we through our focus on mCASH has taken a strong position in a short time, many customers have stated that they will prefer one solution – one strong and clear provider. Therefore goes Norwegian banks joined forces to create a common mobile wallet for Norwegian bank customers,” says Finn Haugan, CEO at SpareBank 1 SMN on behalf of SpareBank 1 alliance in a press release.
„We want to build a strong Norwegian FINTECH-player who can develop and deliver simple and safe services at the lowest cost. As we develop the expertise and technology companies will be a big boost to all bank customers in the country, „says Geir Bergskaug, CEO of Sparebanken Sør, which represents the 15 independent savings banks that are also part-owners of Frende Forsikring.
Source: nfcworld.com
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