Visa’s client banks and card issuers across Europe will be able to use a platform developed by Norwegian payments app Vipps to launch their own mobile wallets, following a strategic partnership deal signed by the two companies.
“The partnership between Visa and Vipps will provide banks and card issuers with a mobile wallet that is easy to use and that helps increase the use of digital payments,” Vipps says.
“European banks today have high cash handling costs, and countries such as Germany and Ireland still account for the majority of payments. With this partnership, Vipps and Visa will at the same time cut investment costs for banks that would otherwise have to develop their own solutions for mobile payments.”
“This collaboration will contribute to the development of digital payments in Europe,” adds Visa’s Henning Holtan.
“At the same time, it gives banks and issuers the opportunity to launch products earlier to consumers.
“Consumers’ interest in digital payment solutions is large and ever growing — and has increased further under Covid-19. Meeting this demand will be crucial to recover the European economy, and let consumers pay in the ways they are most comfortable with, while shops can quickly and safely get paid.”