The two companies will work together to ensure that BankAxept, the national system for debit cards in Norway, remains a competitive, secure and convenient payment solution for Norwegian consumers and merchants.
BankAxept was established in 1991 by Norwegian banks as the national system for debit cards in Norway. Nets has managed the processing of BankAxept transactions since the scheme went live in 1993. In 2018, Norwegians used their BankAxept cards more than 1.64 billion times, and more than 80 per cent of payment card transactions in Norway are settled using the national scheme.
"The deliveries from Nets have proven to be of high quality, not least by having an uptime of 100 per cent since 2009. This agreement ensures that we will continue to have a stable platform for BankAxept transactions. It also supports us to offer the best and most cost-effective solution for card payments in Norway," says Rune Garborg, CEO, Vipps.
Thomas Jul, Head of Financial and Network Services, Nets adds: "We are pleased that Vipps has chosen to strengthen its partnership with us. Based on our stable and secure platform, we have a strong starting point for the development of new convenient and easy solutions. The collaboration will also ensure that BankAxept remains the leading solution in the increasingly competitive Norwegian market."
Earlier this year Nets and Vipps joined forces to simplify payments in Norway. The partnership has increased the number of payment options for consumers and simplified invoice and bill payments.
BankAxept is the national system for debit cards in Norway, with 80 per cent of Norwegian in-store card payments settled using the scheme. Payments are approved in real time using chip and PIN, contactless NFC and mobile technologies. The scheme has contributed to Norway experiencing one of the highest levels of payment card usage globally. It is known to be a stable, cost-effective and competitive solution for card payments.
The story about Vipps is really like a small fairy tale. Over the course of six months our app was downloaded more than one million times and in three years-time we have become a household brand in Norway. With 3,2 million users Vipps has become a natural part of the Norwegians everyday payment life. We have become a verb which is quite cool. We started as a P2P payment service and have since launched payment solutions for billing, online payments, invoicing and in-store payments. Recently we merged with leading players within payment and e-signing services, BankAxept and BankID, and together we now develop services for both Norwegian and international users.
About the Nets Group
At Nets, we see easier payment solutions as the foundation for growth and progress – both in commerce and society. The Nets Group, which employs 3,500 people and now includes German Concardis and Polish Dotpay/eCard, helps hundreds of financial institutions, and hundreds of thousands of businesses and merchants in Europe make tomorrow a little easier for their customers while delivering unrivalled security and stability. Powering a tomorrow that's easier than today. This is what drives us.