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Danske Bank Shuts MobilePay, Enters Talks with Rival Vipps

Tatjana KulkarnibyTatjana Kulkarni
October 11, 2017
in Payments
Reading Time: 1 min read
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Danske Bank said Wednesday that it will shut down its MobilePay app in Norway and instead use rival DNB Bank’s Vipps service.

Vipps started gaining momentum over MobilePay after a February deal between DNB and 100 local banks to acquire a 48% stake in the mobile payments services and then spin it off as an autonomous joint venture.

In addition to Copenhagen-based Danske, Nordea is also in talks with Vipps about a distribution deal.

Vipps head Rune Garborg said in a statement to Reuters:

Everything has pointed to a consolidation of the market for mobile payments. We’re happy to see banks that operate in Norway rally around a joint solution.

The Vipps app currently has 2.6 million users. It expects to reach 3.5 million in 2018.

Read more at Reuters and Finextra. 

Tags: Danske BankExclusivemobile paymentsNordeaVipps
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