Visa and Vipps, the Norwegian digital wallet, announced a strategic partnership to accelerate mobile payments in Europe. Visa’s clients and partners will now be able to take advantage of the Vipps platform to create their own digital wallets and offer customers new ways to pay, be paid and manage their money.
Visa teams with Vipps to accelerate mobile payments in Europe
COVID-19 has undoubtedly accelerated the demand for secure, digital commerce solutions worldwide with more consumers and businesses than ever embracing digital payments as the preferred way to manage their everyday spend. In Europe, over 75% of Visa payments are now contactless and June 2020 saw e-commerce transactions increase by more than 25% year-on-year in twenty European countries[1].
Vipps is a payments app that allows people to send, pay and receive money at a touch of button. Since launching in 2015, it has achieved 85% market penetration, attracting 3.7 million users in Norway[2]. Over the last year Vipps has experienced 145% increase in transactions in Norway.[3]
“Today, the ability to pay digitally and make cashless payments in-stores, online, in-app, is no longer just a convenience but a necessity,” says Antony Cahill, Managing Director European Regions at Visa. We are keen to make sure consumers and businesses have access to secure, digital commerce, regardless of where they live or what mobile device they have.”
“Our approach to international expansion is through collaboration. Together we are enabling issuing banks to offer smarter and simplified digital payment services to their customers in Europe and beyond. Together with Visa we will use our best practices, expertise, and experience, to create services that will excite people through world class simplification,” concludes Rune Garborg, CEO at Vipps.
[1] VisaNet Data, June 2020
[2] Vipps AS, July 2020
[3] Vipps AS, July 2020
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