Vipps and Nets expand strategic partnership

Source: Nets

Vipps, the owner of BankAxept, and Nets, a market leader in the European payments industry, today announce plans to expand their strategic partnership.

The agreement means that Nets will continue to process BankAxept transactions until 2024. At the same time, Nets will further develop the payment platform and support Vipps in the development of new and innovative solutions for the scheme.

The two companies will work together to ensure that BankAxept, the national system for debit cards in Norway, remains a competitive, secure and convenient payment solution for Norwegian consumers and merchants.

BankAxept was established in 1991 by Norwegian banks. Nets has managed the processing of BankAxept transactions since the scheme went live in 1993. In 2018, Norwegians used their BankAxept cards more than 1.64 billion times, and more than 80 per cent of payment card transactions in Norway are settled using the national scheme.
“The deliveries from Nets have proven to be of high quality, not least by having an uptime of 100 per cent since 2009. This agreement ensures that we will continue to have a stable platform for BankAxept transactions. It also supports us to offer the best and most cost-effective solution for card payments in Norway,” says Rune Garborg, CEO, Vipps.

Thomas Jul, Head of Financial and Network Services, Nets adds: “We are pleased that Vipps has chosen to strengthen its partnership with us. Based on our stable and secure platform, we have a strong starting point for the development of new convenient and easy solutions. The collaboration will also ensure that BankAxept remains the leading solution in the increasingly competitive Norwegian market.”

Earlier this year Nets and Vipps joined forces to simplify payments in Norway. The partnership has increased the number of payment options for consumers and simplified invoice and bill payments.

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