Vipps MobilePay has begun using Tink’s Pay by Bank service to support peer-to-peer (P2P) transfers in Finland.
The move allows Finnish MobilePay customers to connect multiple domestic bank accounts directly to the app, enabling payments to be made straight from their accounts without needing cards or intermediaries.
The service, already available to users, integrates into the existing MobilePay app. According to company officials, account-to-account payments are expected to play an increasingly central role in Vipps MobilePay’s Finnish operations, offering almost three million users an additional way to move money securely and efficiently.
Expansion into ecommerce checkouts
Alongside P2P transfers, Pay by Bank will also be included as one of three available methods in Vipps MobilePay’s ecommerce checkout in Finland. This addition brings the Open Banking product into the online retail space, where it will function as an alternative to cards and other digital payment options.
Vipps MobilePay, created through the merger of Norway’s Vipps and Denmark’s MobilePay, now serves more than 12 million people across the Nordic region. The wallet handles over one billion transactions annually and has been expanding its services across borders, including a recent launch in Sweden.
Tink, acquired by Visa in 2022, provides open banking infrastructure across 19 markets with more than 13,000 institutional connections. Its Pay by Bank product supports direct account-to-account payments and is increasingly being used by financial institutions and fintechs seeking alternatives to card-based transactions. Representatives from Tink said the collaboration with Vipps MobilePay shows how Open Banking technology can be deployed at scale for everyday use cases.
