Sirpa Nordlund, country Manager for Nets in Finland

Two Finnish fintechs have pioneered a system that allows you to make contactless payments with your phone as if it was a credit card – with the added bonus that an electronic receipt is stored on your phone.

Mobile wallet pioneer Op Financial Group and payments processor Nets have conspired to create this new type of mobile payment system which is to be piloted in their native Finland.

In-store payments will be available from all handsets, even Apple devices, using a new type of mobile acceptance technology.

The two companies have signed a letter of intent to make OP’s Pivo mobile wallet app available for Finnish Nets merchants, both in-store and online. Users of Pivo’s mobile wallet service will also get access to a new e-receipt function in the app.

Once launched, Pivo payments will be available soon at selected bricks-and-mortar shops that use Nets terminals. In the second phase of the rollout, the date of which has not been decided, online stores will be able to use the system.

Mobile payments in-store are rapidly increasing across the Nordic countries. In Denmark, Nets is popularising mobile payments using Bluetooth technology. By bringing this standard to Finland, consumers will be able to pay with Pivo on all mobile devices, by tapping a device on the terminal.

Paying with your mobile is a contactless ‘tap and go’ transaction already used by many Finns, according to Sirpa Nordlund, country Manager for Nets in Finland.

However, Nets had to create a new payment standard using Bluetooth to enable this new invention. “Now you can enjoy the same payment experience – regardless of handset, – which will be very similar to when you make contactless payments with cards,” said Norlund.

Reaching payment confirmation on your phone will be a game changer, since cutting out the paperwork will save time and is better for the environment, according to Masa Peura, OP’s new business director.

“The enhanced shopping experience we are providing together for our customers will be key for mobile payments to take off in e-commerce and physical stores,” said Peura.

The mobile wallet app Pivo is designed to cover all consumer payment needs for all payment situations, from fund transfers between people to shop in stores or online.

by Nick Booth
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