24 August 2017
visit www.avoka.com

Nordea ditches Swipp m-payments for Danske Bank's MobilePay

13 October 2016  |  9160 views  |  1 hipster suit with phone

Nordea is abandoning Swipp, the Danish mobile payments JV it runs with local banks, and hitching its wagon to rival Danske Bank's MobilePay service.

MobilePay has established itself as Denmark's leading m-payments service, with millions of people using it for P2P transfers and in-store and online purchases.

Danske Bank is now opening up the platform to all Nordic banks, with Nordea the first to sign on, offering the service to its customers in Denmark and Norway.

The move means that Nordea is abandoning Swipp - the MobilePay rival it owns with dozens of local banks - and will now pump money into Danske Bank's offering.

Two years ago Swipp bought Paii, another rival outfit formed by a group of Danish telcos, with the express intention of knocking MobilePay off its perch.

Today's news is a blow for Nordic payments processor Nets because it will be removed from the equation when Nordea customers use MobilePay, meaning it will no longer receive fees from Danske.

Nets, which floated last month, saw shares fall by more than six per cent today.

Nordea and Danske say that they have decided to join forces to give them a better chance of seeing off fierce and growing competition from international behemoths such as Google, Apple and Samsung.

Meanwhile, with other banks in Denmark, Norway and Finland expected to follow Nordea's lead, Danske says it will convert MobilePay into a subsidiary with its own board of directors.

A MobilePay route into Sweden could also be on the cards, with the firm saying it is eager to talk to Swish about allowing payments between the two services.

Comments: (1)

Klajdi Turlla
Klajdi Turlla - MPAY - Tirane | 14 October, 2016, 10:57

Any analysis on Swipp vs. Mobilepay in English (was able to find only in Danish? It's very interesting to see why a One-Bank Scheme was more successful than a multi-bank one.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nets files for IPO

Nets files for IPO

01 September 2016  |  6114 views  |  2 comments | 7 tweets | 1 linkedin
Danske Bank integrates PowaTag into MobilePay

Danske Bank integrates PowaTag into MobilePay

26 May 2015  |  5889 views  |  0 comments | 12 tweets | 5 linkedin
Danish telcos sell m-payments venture to bank-owned rival

Danish telcos sell m-payments venture to bank-owned rival

26 November 2014  |  9673 views  |  0 comments | 10 tweets | 5 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.dorsum.eudownload the paper now

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
21426 views comments | 44 tweets | 88 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
12109 views comments | 22 tweets | 35 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11503 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
11286 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10916 views 0 | 7 tweets | 1 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job