Vipps MobilePay Kick-Off P2P Payment System For Finland, Norway, And Denmark Users

Vipps and MobilePay, the merged companies, said they want to unveil a new person-to-person payments system for customers in Finland, Denmark, and Norway. The new system will allow customers in Finland, Denmark, and Norway to transfer money between themselves securely. They will require a phone number for the transfers.

The New System Eliminates The Need For International Bank Account Numbers

Vipps MobilePay wants to meet all client’s relevant demands, needs, and preferences. It promises to obey all the laws surrounding the financial market and fulfill all regulatory requirements of the local industry. The new payment system allows individuals to quickly transfer money without needing button-pushing processes or an international bank account number.

Rune Garborg, the Chief Executive Officer of Vipps MobilePay, said users have been asking for an easier way to send money across the Nordics for a while. Now, the company has a solution ready.

This means no more international bank account numbers and complicated button pressing. Rune also said this is the first of several steps to bring the Nordics closer together.

Vipps and MobilePay’s deal is one of their early efforts to help people buy and sell things online between Nordic countries more easily. Sweden will join later this year, in autumn, when Vipps will start serving customers there.

Fees for all transactions are around 4% of the transferred amount. This fee is shown in the app when users send funds. Furthermore, some banks might take a small portion of funds from transactions as a fee for converting currencies. However, there’s no fee to receive money, and there are no charges for transfers from one individual to another in the same country using the area’s native currency.

Vipps and MobilePay’s combined efforts aim to provide an easy way to send money, enhance customers’ feelings, and speed up financial progress. At first, the new system allows the transfer of funds between people. However, Vipps MobilePay announced that clients will soon get to use Vipps MobilePay to pay merchants and organizations in the three countries.

Sweden Is Set To Join The New System In Autumn 2024

The new feature followed Danske Bank’s MobilePay and Vipps merging, supported by a group of Norwegian banks; both companies became one in 2021. This created a strong force in mobile payments across the Nordic region, serving more than 11 million customers.

According to the official announcement, Sweden will be included in the service in the autumn of 2024. Customers in the country will be allowed to send money quickly to nearby countries, too.

In 2015, Vipps launched for Norway residents with any of the country’s payment cards, mobile numbers, and bank accounts. The company enabled users to send money on mobile just like a text. About six months after its launch, the platform saw significant success. It announced that it had gained one million users within the period.