P2P payments is a hot topic these days with the upcoming launch of Facebook pay as well as Google announcing that Google Wallet will live on as a P2P payment app with the launch of Android Pay. Mastercard announced earlier this week that they will be taking on Facebook, Paypal and VISA with Mastercard Send. The global market size for P2P Payments is estimated to over $1 trillion and is expected to grow even further with a promise of delivering frictionless means of transferring money between consumers when cash is becoming less common.
Vipps is the latest addition to bank-driven fintech initiatives in the Nordic region. The solution suddenly became available through App Store today and offers P2P-payments with an integrated chat function. The solution is available for all consumers with a bank account in any Norwegian bank. Once set up, there is no need for authorization other than a PIN of your own choice and, all you need to transfer money is the recipient’s phone number.
The launch of Vipps acknowledges P2P payments as a separate option besides existing channels for incumbent banks. Vipps is owned and developed by Norway’s largest bank, DNB.