VippsMobilePay to launch P2P payments solution

Following this announcement, the Nordic countries will have the opportunity to come closer together in order to give Vipps MobilePay customers in Denmark, Finland, and Norway the possibility to send money to each other securely and efficiently, by only using a phone number. 

In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries.

More information on the announcement

Throughout this initiative, clients and individuals of the companies will have the capability to send money across borders in a simple and secure manner, without the need for an IBAN number or button-pushing processes. This strategic deal represents one of the first steps in the shared commitment of Vipps MobilePay to make cross-border ecommerce between the Nordics easier, with Sweden being planned to be integrated into the initiative in autumn this year when Vipps will be introduced to customers in the Swedish market. 

A transfer is expected to cost 4% of the transaction’s amount, this cost being stated in the application when the user is in the process of sending the funds. At the same time, the client’s bank may add an exchange fee as well, while it will cost nothing to receive the money. The procedure of sending money to friends, family, loved ones, or acquaintances within each country and in the same currency will still be free. 

The aim of the collaboration is to offer a simple solution for sending money, as well as improving the overall customer experience and accelerating the development of the financial landscape. While the service initially is focused on sending money from person to person, it will also soon be possible for clients to make payments and purchases to the merchants and organisations that leverage the Vipps MobilePay in the three countries.

According to the official press release, Sweden will be able to download the Vipps application in the fall of 2024, while customers in the region will be allowed to easily send money to their neighboring countries as well.