Nordea has decided to join a partnership on MobilePay in Denmark and Norway. The aim is to make sure that private users and businesses in Norway and Denmark have a widely used, user-friendly mobile payment platform that is subject to constant innovation.
Danske Bank is also inviting all interested Danish, Norwegian and Finnish banks to participate in the MobilePay partnership.
Tonny Thierry Andersen, member of Danske Bank’s Executive Board, explains:
“MobilePay allows us to offer Nordic users and businesses one of the world's most comprehensive mobile payment systems. New partner banks with direct customer contact will further the dissemination of the solution. And by joining forces with other banks, MobilePay will be able to accelerate innovation, which means that we can offer the absolutely best user experience.”
Solution with the most possibilities
Peter Lybecker, CEO of Nordea Bank Denmark, emphasises that the new MobilePay model gives Nordea’s personal and business customers access to the most widely used payment solution with the most possibilities in the market. He explains:
“The new partnership will benefit our customers, the market and the individual banks. MobilePay is known today for its user friendliness, and we want to contribute to making the solution even more widely used and to continuing the development of MobilePay as an innovative digital payment platform. All users will benefit.”
Intense competition on payment solutions
He and Tonny Thierry Andersen emphasise the need for banks to join forces in creating a strong shared payment solution in order to remain ahead of the increasingly competitive game. New mobile payment solutions are gaining ground very quickly, and new international players regularly appear in the market, also in the Nordic countries.
With the new partnership, Nordea will leave the Swipp collaboration and will in future instead invest in the further development of MobilePay. At first, Nordea’s personal customers will not experience any changes, whereas business customers who do not already have a MobilePay agreement will soon receive an offer to switch from their existing Swipp agreement to MobilePay. For the time being, Swipp agreements for business customers will remain in effect, however.
MobilePay will remain free of charge for private users. The participation of Nordea and other banks will help make the solution even more widespread and more efficient to operate, and over time this will allow even more competitive transaction prices for businesses that use MobilePay.
The partnership model makes it possible to integrate the most widely used mobile payment platform in Denmark with multiple banks' accounts and cost-efficient account-to-account payments. Besides business customers from Nordea will going forward be able to receive MobilePay payments directly on their Nordea account.
Other banks expected to join MobilePay
Other banks in Denmark, Norway and Finland are expected to join the partnership in the coming quarters. As a result, Danske Bank will now begin converting MobilePay to a subsidiary with its own board of directors, and MobilePay will no longer be branded as “by Danske Bank”.
To fulfil the ambition of creating a leading Nordic payment platform for Nordic personal users and businesses, MobilePay will seek to enter into a dialogue with Swish in Sweden. One of the long-term aims will be to enable Nordic personal users to make payments between MobilePay and Swish.