Mobile payments|Vipps Mobile Pay, used by almost three million Finns, challenges Sweden’s own Swish.
Mobile payment system Vipps Mobile Pay expands to Sweden. Danish Mobile Pay and Norwegian Vipps merged in 2022.
In addition to Denmark and Norway, Vipps Mobile Pay already has a strong position in Finland, but in Sweden mobile payments are dominated by Swish, which was built together by Swedish banks.
With Vipps and Mobile Pay, you can, among other things, transfer money between users and pay in online stores. The application is linked to the user’s payment card.
In Finland, Mobile Pay has 2.8 million users.
From June since then, money transfers between countries have also been possible via Vipps and Mobile Pay between Finland, Norway and Denmark. Now comes Sweden.
A fee of four percent is charged for payments that exceed the limits. However, until the end of October, the fee is halved.
The application is also getting the option to pay in online stores across borders.
“Our goal is to simplify payment in the Nordic countries and we are really excited when we can now also offer the service in Sweden”, Vipps Mobile Pay country manager Perttu Kröger says.
With Vipps and Mobile Pay has a total of 12 million users and 350,000 payment points in Finland, Norway and Denmark.
In 2022, OP was supposed to become the owner of the Vipps and Mobile Pay joint venture, but the EU competition authorities prevented it.
As a result, OP completely stopped developing its own Pivo payment application last spring.
In Finland, the cooperation of banks in the development of their own account-based Siirto mobile payment suffered from strict interpretations by the competition authorities.
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