Millions of Vipps and MobilePay users can now send person-to-person payments between Denmark, Norway, and Finland using just a phone number.
This new service allows Vipps users in Norway and MobilePay customers in Denmark and Finland to eliminate the need for IBAN numbers when making money transfers across these countries. Cross-border transfers incur a fee of four percent of the transaction amount, with additional charges possible from banks. However, receiving payments remains free of charge.
While the service currently focuses on P2P payments, users will soon be able to pay the 325,000 merchants and organizations that accept Vipps MobilePay in the three countries. Additionally, Sweden will be incorporated into the program later this year.
This feature follows the merger of Danske Bank-owned MobilePay and Vipps, which is supported by a consortium of Norwegian lenders, creating a Nordic mobile payments powerhouse with over 11 million customers.
Rune Garborg, CEO of Vipps MobilePay, stated, “Our users have long asked us to simplify sending money across the Nordics. Now, we have the solution ready. That means goodbye to long IBAN numbers and tedious button-pushing. This is the first of many steps we are taking to bring the Nordics even closer together.”