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 2018.1 - Reader Likes This Post