23 September 2017
visit www.avoka.com

Nets deliver instant mobile payments to Vipps partner banks

12 September 2017  |  5977 views  |  0 Mobile banking on smartphone

Nordic payments processor Nets is to enable instant P2P payments to customers of all Norwegian banks who use the Vipps mobile payments app.

Users of Norwegian bank, DNB, primary stakeholder of Vipps, are already benefitting from instant payment transfers enabled by Vipps’ payment app.

The partnership with Nets will enable the extension of this real-time payment service to customers of the other 100 banks in the country partnered with Vipps, representing 40% of the total userbase of the mobile wallet.

DNB, the SpareBank 1 alliance, the Eika alliance, Sparebanken Møre and the 15 independent savings banks which also are co-owners of Frende Forsikring signed a letter of intent in February, to jointly acquire a 48% stake in the mobile payment service. Under the deal, DNB will retain a 52% controlling interest in Vipps, which is to be spun off as an autonomous joint venture.

Rune Garborg, CEO of Vipps, comments, “Using the common infrastructure for instant payments will eventually make it possible to transfer money in real-time for consumers in all Norwegian banks. In this first phase, the 100 banks involved in the Vipps partnership will have this opportunity.”

He says both parties have already begun adjustments to their systems to make the service available in the popular mobile wallet, with real-time payments expected to go live for some of Vipps’ additional bank partners before the end of the year.

Jeppe Juul-Andersen, SVP and head of Domestic Card Schemes across Nets adds: “ We will reuse most of the existing infrastructure we have already delivered with both efficiency and stability for several years, and make the necessary adjustments to accommodate for future needs.”

Comments: (0)

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

Danish payments processor Nets close to $5bn buyout

Danish payments processor Nets close to $5bn buyout

01 September 2017  |  13310 views  |  0 comments
Nets experiments with finger payments at Idea Lab

Nets experiments with finger payments at Idea Lab

28 June 2017  |  8668 views  |  0 comments | 8 tweets | 11 linkedin
DNB spins off Vipps mobile payment service

DNB spins off Vipps mobile payment service

13 February 2017  |  8100 views  |  0 comments | 7 tweets | 10 linkedin
Denmark's Dankort cards to go mobile with J/Speedy technology from JCB

Denmark's Dankort cards to go mobile with J/Speedy technology from JCB

19 April 2016  |  6220 views  |  0 comments | 2 tweets | 3 linkedin
Nets agrees takeover of Finland's Luottokunta

Nets agrees takeover of Finland's Luottokunta

14 August 2012  |  8572 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.temenos.comvisit www.vasco.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13207 views comments | 27 tweets | 43 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
9407 views comments | 13 tweets | 27 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8532 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8193 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
7988 views comments | 32 tweets | 45 linkedin

Featured job

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

Find your next job