- Vipps becomes the first to offer an iPhone payment solution rivaling Apple Pay.
- The service expands payment options for Norwegian banks and consumers.
What happened: Norway’s Vipps as Apple Pay rival
Norwegian payment service Vipps has made history by launching the world’s first competing tap-to-pay solution to Apple Pay on iPhones. Following an agreement between Apple and European regulators to open up NFC technology to third parties, Vipps has now enabled iPhone users in Norway to make contactless payments using their devices. The service initially supports over 40 local banks, including SpareBank 1 and DNB, covering approximately 70% of Norwegian bank customers. This move marks a significant step towards providing alternative payment options in the mobile payment space.
Also read: Apple opens mobile payments to rivals after EU regulations
Also read: Apple opens tap-and-go payments to rivals amid EU scrutiny
Why it is important
The launch of Vipps’ payment solution is crucial as it breaks Apple Pay’s monopoly on iPhone NFC payments and offers a viable alternative for consumers and banks. This not only enhances consumer choice but also introduces more competition in the mobile payment industry, which can lead to innovation and potentially lower fees. The service currently works with terminals that accept Norway’s national payment system, BankAxept, and plans to expand support for Visa and Mastercard in the coming months, aiming to achieve global payment capabilities by the summer of 2025. This development is particularly significant for Norway, as it allows the country to lead in the adoption of open mobile payment solutions and sets a precedent for other European countries to follow suit. The expansion of Vipps’ service to other Nordic countries in 2025 will further solidify the region’s position at the forefront of mobile payment innovation.
