Vipps MobilePay has launched a brand new service permitting 11.6 million customers in Denmark, Finland, and Norway to ship cash to one another utilizing simply cellphone numbers, with Sweden to comply with later this yr.
Traditionally, transferring cash between Nordic nations has been a sophisticated course of, usually involving prolonged procedures and excessive charges. This initiative goals to simplify cross-border transactions by eliminating the necessity for cumbersome IBAN numbers.
Following the 2022 merger of Norway-founded Vipps, and MobilePay, which originated in Denmark, Vipps Cell Pay has been on a mission to make sure “very, very straightforward cross-border funds inside the Nordic area”. It migrated to 1 tech platform on the finish of final yr.
“Our customers have for a very long time requested us to simplify sending cash throughout the Nordics. Now, we’ve the answer prepared,” says Rune Garborg, CEO of Vipps MobilePay. “Which means goodbye to lengthy IBAN numbers and tedious button-pushing. That is the primary of many steps we’re taking to deliver the Nordics even nearer collectively.”
The service
A switch will price 4 per cent of the transaction’s quantity, whereas the person’s financial institution could have an alternate price. It prices nothing to obtain the cash and it’ll nonetheless be freed from cost to ship cash to your family and friends inside every nation and in the identical foreign money.
Whereas the service initially is about sending cash between individual to individual, it’s going to quickly even be potential to pay to the 325 000 retailers and organisations that use Vipps MobilePay within the three nations. The service will roll out to Sweden within the Autumn.
“Our intention is to supply the only resolution. Sending cash will now be very, very straightforward whether or not you’re sharing a meal with Nordic buddies or sending a cash reward to your Nordic relative,” Garborg additionally added.
On the finish of 2023, Vipps MobilePay boasted 12 million customers with 1,24 billion transactions in Norway, Denmark and Finland. Final month, it indicated that following cross border funds, it’s going to additionally launch faucet to pay with Vipps and MobilePay this yr.
