Vipps will merge with Danish MobilePay and Finnish Pivo and form a joint Nordic fintech company with 11 million users. The merger will create one of the largest digital wallets in Europe, and by that be able to compete with Big Tech going into finance.
The plan is that Vipps’ technology platform will be used in the future. It will be further developed to meet Danish and Finnish requirements, and the other two wallets will then be migrated to a common platform. The last bit of the puzzle is Swish, the Swedish digital wallet, which so far isn’t a part of the plan, even if it’s the next natural step.
This marks a large strategic shift for Vipps. They have for a long time had international ambitions, but this is the first big step we’ve seen in this direction. The company will prioritize developing services that will make it possible to make payments across borders. As a part of the strategic change, BankID and BankAxept will also be separated out from Vipps, after nearly three years under their umbrella. I guess this eventually will be the nail in the coffin for Vipps mobile subscription service. Link