Visa, Vipps team to bring mobile payments to Europe
By Sunniva Kolostyak
Visa has partnered with Norwegian digital wallet Vipps in a move to accelerate mobile payments across the European market, allowing them to used mobile devices to pay in-store and online.
Vipps, which has an 85 per cent market penetration in Norway, will provide its platform to allow Visa’s clients and partners to create their own digital wallets and offer new ways to pay, send and receive money, and better manage payments solutions.
According to Antony Cahill, Managing Director European Regions at Visa, the ability to pay digitally and make cashless payments in-stores, online, in-app, is no longer just a convenience but a necessity.
Due to Covid-19, more consumers and businesses than ever embracing digital payments as the preferred way to manage their everyday spend, and over 75 per cent of Visa payments in Europe are now contactless. Moreover, June 2020 saw e-commerce transactions increase by more than 25 per cent year-on-year in twenty European countries, proving the increasing demand for secure, digital commerce solutions worldwide.
“As the leading payment brand, we are keen to make sure consumers and businesses have access to secure, digital commerce, regardless of where they live or what mobile device they have,” Cahill said.
“Our partnership with Vipps will make it possible for our bank partners to develop and create easy to use digital payment products and wallets, meeting the growing demand for contactless, online and mobile payments.”
Rune Garborg, CEO at Vipps, which experienced a 145 per cent increase in transactions in Norway over the past year, added that the company is approaching international expansion through collaboration.
“We believe a collaboration between Visa; the world leader in digital payments and Vipps; the world’s most successful bank-backed wallet, will create magic. Together we are enabling issuing banks to offer smarter and simplified digital payment services to their customers in Europe and beyond. Together with Visa, we will use our best practices, expertise, and experience, to create services that will excite people through world-class simplification.”
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