SAN FRANCISCO—Visa and Vipps, which is the leading digital wallet in Norway, have announced a strategic partnership to accelerate mobile payments in Europe.
Visa’s clients and partners will now be able to take advantage of the Vipps platform to create their own digital wallets and offer customers new ways to pay, be paid and manage their money, UK Tech News said.
The report notes COVID-19 has accelerated the demand for secure, digital commerce solutions worldwide.
In Europe, more than 75% of Visa payments are now contactless, saw ecommerce transactions increasing in June by more than 25% year-on-year in twenty European countries, UK Tech News said.
“Today, the ability to pay digitally and make cashless payments in-stores, online, in-app, is no longer just a convenience but a necessity,” said Antony Cahill, managing director for European regions at Visa. “We’re keen to make sure consumers and businesses have access to secure, digital commerce, regardless of where they live or what mobile device they have. 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.”
85% Market Penetration
Vipps is a Norwegian payments app that allows people to send, pay and receive money. Since launching in 2015, it has achieved 85% market penetration, attracting 3.7 million users in Norway. Over the last year Vipps has experienced 145% increase in transactions in Norway, UK Tech News said.