MobilePay Market Worth Observing Growth | MobilePay, Swish, Vipps
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MobilePay is a popular mobile payment solution in Denmark. Launched as a money transfer app by Danske Bank in 2013, it later extended its offering to include online, in-app, and in-store payments. It allows users to make fund transfers between friends, family members, and businesses using their mobile phone number. Users can store card details within the MobilePay app, which can be used for payments at online and offline merchants. To make online payments, users choose MobilePay at the checkout and approve the payment on their mobile phone. As per our 2021 Financial Services Consumer Survey, MobilePay accounted for 12.0% of total ecommerce transaction value in Denmark in 2021, ahead of its main rival PayPal. Users can make in-store payments via Bluetooth (at compatible terminals) or by scanning the QR code available at merchant stores. MobilePay is supported by major payment schemes Dankort, Visa, and Mastercard, as well as by 61 banks. It has collaborated with major banks in the Nordic region including Nordea Bank, Jyske Bank, Kreditbanken, SEB, Sydbank, Dragsholm Sparekasse, and Gjensidige Bank. Originally launched in Denmark, it later expanded to Finland, Norway, and Greenland (although its Norway operations were discontinued on January 11, 2018).
In a bid to compete with global payment solutions such as PayPal and Apple Pay, Danske Bank entered into an agreement with OP Financial Group (owner of Finland-based mobile payment solution Pivo) and the consortium of banks that own the Vipps payment solution in Norway to merge MobilePay with Pivo and Vipps. The merger is subject to approval from the relevant authorities and is expected to complete in late 2021 or early 2022. The merger will result in the creation of one of the largest bank-owned mobile payment solutions in Europe, serving 11 million users and over 330,000 merchants.
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The report provides information and insights into MobilePay including -
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones
- May 2013 , MobilePay was launched by Danske Bank as a P2P payment solution in Denmark.
- In December 2015, MobilePay introduced Touch ID login, allowing users to log in with their fingerprint instead of four-digit codes.
- In October 2019, Enabled MobilePay users to make real-time money transfers between bank accounts of institutions that support the SEPA Instant Credit Transfer service.
- In June 2021, Danske Bank entered into an agreement with OP Financial Group (owner of Finland-based mobile payment solution Pivo) and the consortium of banks that own the Vipps payment solution in Norway to merge MobilePay with Pivo and Vipps.
Reasons to Buy
- Gain insights into MobilePay's business operations and key events.
- Gain insights into its product portfolio.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
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Companies Mentioned in the Report
Table of Contents
Products and Services
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