Innovation

Another step towards the mobile payments future

By Antony Cahill, Managing Director European Regions, Visa

Paying by phone in coffee shop

Across Europe, communities have been severely challenged by the Covid-19 pandemic, creating real hardship for many individuals and businesses. Digital payments have played an important role in responding to the crisis, helping consumers make purchases or access public transportation without making contact with payment terminals, and enabling merchants to sell online during the lockdown.  

Today, more than three-quarters (77%) of all in-store Visa payments in Europe are contactless1. And June 2020 saw ecommerce transactions increase by more than 25% year-on-year in twenty European countries2. Across Europe, the ability to pay digitally and make cashless payments in-stores, online, in-app, is no longer just a convenience but a necessity.

As the leading payment brand, we are keen to make sure consumers and businesses have access to secure, digital commerce, regardless of where they live or what mobile device they have. Even before the Covid-19 pandemic, Europeans demonstrated a preference for using their mobile phone to pay in-store or choosing to shop online from the comfort of their own home3. However, the reality is that in many European countries there are still barriers to consumers paying easily via mobile or to businesses accepting digital payments.

One country where the barrier is uniquely low is Norway. In Norway, most people use a payment app called Vipps that allows them to send, pay and receive money at a touch of button, regardless of mobile device.4 Vipps launched in 2015 and is today the most popular mobile wallet in Norway with more than 3.7 million users and over 300 million transactions per year5.

Knowing that more consumers and businesses than ever are embracing digital payments as the preferred way to manage their everyday spend, we have formed a strategic partnership with Vipps. The partnership will make it possible for our clients and bank partners to leverage Vipps’ leading platform and to develop, and create easy to use digital payment solutions and wallets across Europe.

Why does this matter? It means more consumers will be able to pay, send and receive money in the ways that are convenient for them. And it will allow more businesses, especially small business, to take advantage of digital payments.

We know there is a long way to go to make simple and secure mobile payments a reality for everyone in Europe – but we strongly believe the partnership between Visa and Vipps is another important step towards that future.

Learn more about our partnership with Vipps.

 


 

Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The Information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.

1 VisaNet Data, June 2020
2 VisaNet Data, June 2020
3 J.P. Morgan Global Payment Trends: European Overview, 2019
4 Vipps AS, July 2020
5 Vipps AS, July 2020

Payment technology