Customers of all banks in the Vipps partnership will soon benefit from real-time payments
12 September – Nets has announced it has entered into a three-year partnership with Vipps, Norway’s leading mobile payment application provider, to deliver instant P2P payments to customers of all Norwegian banks partnered with Vipps.
Users of Norwegian bank, DNB, primary stakeholder of Vipps, are already benefitting from instant payment transfers enabled by Vipps’ payment app. The partnership with Nets will enable the extension of this real-time payment service to customers of the other 100 banks in the country partnered with Vipps, representing 40% of the total userbase of the mobile wallet.
Rune Garborg, CEO of Vipps, comments, “Using the common infrastructure for instant payments will eventually make it possible to transfer money in real-time for consumers in all Norwegian banks. In this first phase, the 100 banks involved in the Vipps partnership will have this opportunity. When making this agreement, it was really important for us to find a partner with experience and credibility regarding the processing of payment transactions in Norway.”
Both parties have already begun adjustments to their systems to make the service available in the popular mobile wallet, with real-time payments expected to go live for some of Vipps’ additional bank partners before the end of the year.
Jeppe Juul-Andersen, Senior Vice President and head of Domestic Card Schemes across Nets noted, “With this agreement, we will be able to achieve the best of both worlds. We will reuse most of the existing infrastructure we have already delivered with both efficiency and stability for several years, and make the necessary adjustments to accommodate for future needs. We are looking forward to continuing and expanding the good partnership we have with Vipps and their ownership banks.”