Danske Bank A/S recently announced that it has finalized a deal with Finland’s OP Financial Group and the consortium of Norwegian lenders backing Vipps. The deal will see three key payment solutions providers in the region merged, including MobilePay, Vipps, and Pivo.
With the merger, the partners hope to form the region’s strongest and most resourceful digital wallet. Joining forces together will see the unionized firm serving a combined 11 million users and over 330,000 B2B clients, making up Europe’s largest bank-owned mobile payment firm.
The firms participating in the merger all hope that it will grant greater leverage as regards innovation, product development, and market share. They also believe that merging all their available services will grant both their individual and corporate clients access to a wider range of offerings.
“MobilePay has been a fantastic success… However, it is very expensive to compete with global competitors in this space, and in order to continue to develop the most attractive solutions for our customers, MobilePay must be part of something bigger to gain scale and pool investments for further innovation,” says Glenn Söderholm, Head of Personal & Business Customers in Danske Bank.
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