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The agreement is a milestone for Vipps’ international efforts.
– With Visa being the global leader in digital payments and Vipps, the world’s most successful bank-powered mobile wallet, we are confident that the collaboration creates magic, says Rune Garborg at Vipps in a press release Thursday.
In the report, Vipps writes that the company has entered into a strategic partnership with Visa, the world’s leading digital payment solutions company. Together, the companies will create a mobile wallet for the European market.
– We will use our experience and knowledge to create world-class simplification through solutions that excite people across borders in the same way we have in Norway, says Garborg.
See what former Vipps boss Berit Svendsen had to say on the subject when Nettavisen Økonomi interviewed her last year:
Growing interest in digital payment
Visa believes that the collaboration will contribute to the development of the use of digital payment in Europe and believes that digital solutions will be an important part of the recovery of the European economy after the crown crisis.
– Consumer interest in digital payment solutions is large and constantly growing, and has increased further with COVID-19. Meeting this demand will be crucial to recovering the European economy and allowing consumers to pay in the way they feel most comfortable, while stores can charge quickly and safely, Visa Henning Holtan says in a statement.
Vipps is owned by 110 Norwegian banks and more than 80 percent of the Norwegian population uses the payment solution. Visa, on the other hand, is well established in more than 200 countries and has systems that can handle 24,000 transactions per second.
In the press release, Vipps writes that European banks today have high costs associated with handling cash, and that people in countries like Germany and Ireland still use cash more than bank cards and digital payments.
The new partnership believes the collaboration will help lower investment costs for banks that would otherwise have had to develop their own mobile payment solutions.
Vipps usage skyrocketed this summer
Vipps is one of the players who has received a huge boost from the fact that the Norwegians have been on vacation in Norway this summer. Norwegians got 45 percent more tips in July this year compared to last year, and especially in Agder and Nordland, usage grew dramatically.
Tips for food and beverages at restaurants increased 138 percent in June and July this year compared to last year. The use of Vipps for accommodation, as in campsites, increased considerably. In campgrounds, the incline increased by 267 percent since 2019, while Vipps use increased by 204 percent for vacation apartments and youth hostels.
Hotels also leaned 160 percent more towards hotels this summer than in 2019.
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