Visa partners with Vipps to drive European mobile payments
Over the years, Visa has partnered with multiple organisations to drive innovation within the financial sector. Its latest strategic partnership with Vipps will allow Visa clients and partners to utilise Vipps platform to create their own digital wallets, as well as offer customers new ways to pay, be paid and manage money.
With COVID-19 accelerating the demand for these kinds of solutions around the world, Visa has seen an increase in consumers and businesses adopting digital payments as a preferred method for managing everyday spending.
Visa reports that more than 75% of its payments are now contactless, with June 2020 seeing an increase of over 25% year-on-year when it comes to ecommerce transactions in Europe.
“Today, the ability to pay digitally and make cashless payments in-stores, online, in-app, is no longer just a convenience but a necessity. As the leading payment brand, we are keen to make sure consumers and businesses have access to secure, digital commerce, regardless of where they live or what mobile device they have,” commented Antony Cahill, Managing Director European Regions at Visa.
“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.”
Since its launch in 2015, Vipps has achieved a market penetration of 85%, has 3.7mn users in Norway, and in the last year experienced a 145% increase in transactions in Norway.
“Our approach to international expansion is through collaboration. We believe a collaboration between Visa; the world leader in digital payments and Vipps; the world’s most successful bank-backed wallet will create magic. Together we are enabling issuing banks to offer smarter and simplified digital payment services to their customers in Europe and beyond. Together with Visa we will use our best practices, expertise, and experience, to create services that will excite people through world class simplification,” commented Rune Garborg, CEO at Vipps.