In the future, MobilePay users can use the app at Verifone payment terminals that have been prepared for contactless mobile payments. Verifone is the largest supplier in the Nordic countries, with some 400,000 payment terminals installed and a market share of 60%. The new partnership therefore supports the continuing growth of MobilePay in Denmark, Norway and Finland. Globally, 29 million payment terminals have been supplied by Verifone.
The agreement also means that shops with Verifone terminals can handle MobilePay payments without buying and installing new hardware at points of sale. In addition, many consumers will find it easier to make mobile payments because they can use the same terminal as the one they use for card payments.
“Our customers are shops and other traders, and they feel the pressure from consumers wanting to use MobilePay for payment since the app is now installed on nine out of ten smartphones in Denmark,” says Chris Lund-Hansen, CEO at Verifone Denmark A/S.
Lund-Hansen emphasises the very large group of small shops with only one or a few stand-alone points of sale. They will now have an up-to-date, all-in-one solution that supports MobilePay, cards with chips and PINs, and contactless cards.
Agreement supports wider MobilePay use in Norway and Finland
At Danske Bank, the head of the MobilePay unit, Mark Wraa-Hansen, sees Verifone as the leading supplier of payment terminals, in terms of both coverage and innovation. Moreover, Verifone has a dedicated-partnership approach and a realistic ambition to supply shops with complete infrastructure solutions that cover all types of payment.
Figures from the European Payment Report back this conclusion. Late payment is a major socio-economic problem across Europe:
- Outstanding debt in the form of late payments to small businesses totals EUR 360 billion
- Some 40% of small businesses say that customers’ inability to pay on time prevent them from growing and from taking in new orders
- About one third consider late payments a threat to long-term survival
- One fourth consider layoffs on an ongoing basis as a result of late payment
“Of course DynamicPay cannot solve all the problems,” says Lars Sjögren. “But we are pleased to have pioneered a solution that may be used world-wide. Initially, though, we will focus on the Nordic countries.”