Although Nordea’s Norwegian unit had partnered with Danske’s Mobilepay, consumer adoption of Vipps determined the bank to change its strategy. Copenhagen-based Danske Bank said it would no longer offer the Mobilepay service to Norwegian customers, and that it would instead seek a distribution deal with DNB.
The Vipps app currently has 2.6 million users and said it aims to hit 3.5 million in 2018. Norway has a population of about 5.3 million.
In February, Vipps announced a takeover of smaller Norwegian rival mCash, leaving DNB with a 52 % stake while a group of more than 100 smaller banks would own the remaining 48%. Nordea will not take a stake in Vipps.
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