Visa and Vipps, a major digital wallet in Norway, have 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.
Covid-19 has 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 ecommerce transactions increase by more than 25% year-on-year in twenty European countries.
“No longer just a convenience but a necessity”
Antony Cahill, Managing Director European Regions at Visa said:
“Today, the ability to pay digitally and make cashless payments in-stores, online, in-app, is no longer just a convenience but a necessity. As the leading payment brand, 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 partnership with Vipps will make it possible for our bank partners to develop and create easy to use digital payment products and wallets, meeting the growing demand for contactless, online and mobile payments.”
Vipps is a Norwegian payments app that allows people to send, pay and receive money at a touch of button.
Collaboration “will create magic”
Since launching in 2015, it has achieved 85% penetration, attracting 3.7 million users in Norway. Over the last year Vipps has experienced 145 percent increase in transactions in Norway.
Rune Garborg, CEO at Vipps, said:
“Our approach to international expansion is through collaboration. We believe a collaboration between Visa, the world leader in digital payments and Vipps, the world’s most successful bank-backed wallet, will create magic.
“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.”