Visa strikes deal with payments fintech VIPPs as contactless booms through coronavirus

By Daniel Lanyon on Thursday 3 September 2020

Digital Banking

The global payments giant’s clients in Europe can now use Vipps’ digital wallet platform.

Visa strikes deal with payments fintech VIPPs as contactless booms through coronavirus
Image source: Photo by Norma Mortenson from Pexels

Visa has continued its march into the European fintech arena with a new partnership with Norway-based Vipps 

Vipps’, whose largest shareholder is Norwegian bank DNB, provides payment functions through its digital wallet. 

Antony Cahill, Managing Director European Regions at Visa says the ability to pay digitally and make cashless payments in-stores, online, in-app, “is no longer just a convenience but a necessity”.  

“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.” 

In Europe, Visa says over 75 per cent of its payments are now contactless and June 2020 saw e-commerce transactions increase by more than 25 per cent year-on-year in twenty European countries. 

Vipps is a Norwegian payments app that allows people to send, pay and receive money. Since launching in 2015, it has achieved 85 per cent market penetration, attracting 3.7 million users in Norway and seen a 145 per cent increase in transactions in the country.

Rune Garborg, CEO at Vipps, said: “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.” 

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