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Mobile Payments

Norwegian banks set to fight off mobile wallet competition

Thursday 16 February 2017 | 10:43 AM CET

More than 100 Norwegian banks have come together with the DNB Group to take a stake in a P2P mobile payments app called Vipps.

The move is reportedly meant to battle competition in the region from other Nordic banks, as well as from the likes of Apple, Google and Facebook.

Vipps aims to become the champion of P2P payments. Over the course of 2017, Vipps will be available in more places than we have seen up until now. This alliance will boost the race against Nordic and international market participants.

DNB, the SpareBank 1 alliance, the Eika alliance, Sparebanken Møre and 15 independent savings banks, which also are co-owners of Frende Forsikring, have signed a letter of intent about working together. The letter said the banks will collaborate to develop Vipps into a mobile wallet for all Norway consumers.

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