Danske Bank Shuts MobilePay, Enters Talks with Rival Vipps

Danske Bank said Wednesday that it will shut down its MobilePay app in Norway and instead use rival DNB Bank’s Vipps service.

Vipps started gaining momentum over MobilePay after a February deal between DNB and 100 local banks to acquire a 48% stake in the mobile payments services and then spin it off as an autonomous joint venture.

In addition to Copenhagen-based Danske, Nordea is also in talks with Vipps about a distribution deal.

Vipps head Rune Garborg said in a statement to Reuters:

Everything has pointed to a consolidation of the market for mobile payments. We’re happy to see banks that operate in Norway rally around a joint solution.

The Vipps app currently has 2.6 million users. It expects to reach 3.5 million in 2018.

Read more at Reuters and Finextra. 

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