Vipps enters into a strategic partnership with Visa, the world's leading company in digital payment solutions, to develop a mobile wallet in Europe.
The agreement is a milestone for Vipps' international efforts, and provides access to new markets for the Norwegian fintech company. Together, Visa and Vipps now make it possible for banks and card issuers in Europe to offer smarter and simpler solutions to their customers.
- Cooperation is absolutely central to our strategy for international success. With Visa being a world leader in digital payments and Vipps, the world's most successful bank-driven mobile wallet, we are confident that the collaboration will create magic. We will use our experience and expertise to create world-class simplification through solutions that excite people outside the country's borders in the same way as we have done in Norway, says Rune Garborg in Vipps.
The time for a joint effort could not have been better. Digital payments are currently on a strong upswing in Europe. Consumers are changing their behavior and exchanging cash to a greater extent for digital payment methods. In Norway, the trend is the same. The use of Vipps is increasing every month. The goal is that the solutions Vipps and Visa will offer in other European markets will make mobile payment easier, safer and more efficient for both consumers, banks and shops.
- This collaboration will contribute to the development of digital payments in Europe. At the same time, it gives banks and issuers the opportunity to launch products earlier to consumers. Consumers' interest in digital payment solutions is large and ever-growing - and has increased further under COVID-19. Meeting this demand will be crucial in recovering the European economy, and let consumers pay in the ways they are most comfortable with, while shops can quickly and safely get paid, says Henning Holtan in Visa.
The partnership between Visa and Vipps will provide banks and card issuers with a mobile wallet that is easy to use and that helps increase the use of digital payments. European banks today have high costs associated with handling cash, and countries such as Germany and Ireland still make up the majority of payments. With this partnership, Vipps and Visa will at the same time cut investment costs for banks that would otherwise have to develop their own solutions for mobile payments.
As part of the partnership, the solutions benefit from access to Visa's API network, so that continuous improvements are supported by Visa's payment security and technology.