The largest Norwegian Fintech news this week is, without a doubt, that Vipps
is partnering with Visa. This is supposedly the first step for Vipps to be able to offer its payment service as a white label to European banks. Christoffer Hernæs, former CDO in Sbanken,has a more nuanced view of the matter.
. He says it is difficult to see that a wallet app from a bank has the opportunity to survive considering there are almost 200 different wallets already in the market. He elaborates that Vipps is now split between many different business models and investments within the same company. Vipps now consists of:
- The peer-to-peer payment platform that everyone thinks of as Vipps
- BankID - the Norwegian national identity solution
- bankAxept - the national payment infrastructure
- And now they are also trying to position themselves as an international software-company
Selling a mobile wallet in Europe will be an uphill battle for Vipps when their main competitors are Apple and Google, which create the devices users are paying with. Lucas Weldeghebriel, a journalist in Shifter, joins in with seven challenges Vipps will meet in Europe
. He compares this deal with the deal Vipps made two years ago with AliPay, resulting in nothing. Lucas concludes that solving problems for overzealous Norwegian domain buyers is not the same as solving large European banks’ problems.
Another competitor in this field is Curve, the all cards in one app-solution. They also have a superior payment experience leveraging the payment solution you prefer, whether it be cards, Apple pay, or Google Pay. Last week they even added support for loyalty cards
, completely erasing the need for carrying a physical wallet.