Visa and Vipps team up to accelerate mobile payments in Europe

• Visa clients in Europe can now take advantage of the Vipps digital wallet platform
• More consumers in Europe will be able to use their mobile devices to pay in-store or online, to send and receive money, and better manage their payment accounts
• Partnership demonstrates Visa’s commitment to offer seamless payment experiences beyond the card

London, 3 SEPTEMBER 2020 – Visa (NYSE: V) and Vipps, the leading digital wallet in Norway, today announced a strategic partnership to accelerate mobile payments in Europe. Visa’s clients and partners will now be able to take advantage of the Vipps platform to create their own digital wallets and offer customers new ways to pay, be paid and manage their money.

Covid-19 has accelerated the demand for secure, digital commerce solutions worldwide with more consumers and businesses than ever embracing digital payments as the preferred way to manage their everyday spend. In Europe, over 75 percent of Visa payments are now contactless and June 2020 saw ecommerce transactions increase by more than 25% year-on-year in twenty European countries[1].

Antony Cahill, Managing Director European Regions at Visa said:

“Today, the ability to pay digitally and make cashless payments in-stores, online, in-app, is no longer just a convenience but a necessity. As the leading payment brand, we are keen to make sure consumers and businesses have access to secure, digital commerce, regardless of where they live or what mobile device they have.

“Our partnership with Vipps will make it possible for our bank partners to develop and create easy to use digital payment products and wallets, meeting the growing demand for contactless, online and mobile payments.”

Vipps is a Norwegian payments app that allows people to send, pay and receive money at a touch of button. Since launching in 2015, it has achieved 85 percent market penetration, attracting 3.7 million users in Norway[2]. Over the last year Vipps has experienced 145 percent increase in transactions in Norway.[3]

Rune Garborg, CEO at Vipps, said:

“Our approach to international expansion is through collaboration. We believe a collaboration between Visa; the world leader in digital payments and Vipps; the world’s most successful bank-backed wallet will create magic. Together we are enabling issuing banks to offer smarter and simplified digital payment services to their customers in Europe and beyond. Together with Visa we will use our best practices, expertise, and experience, to create services that will excite people through world class simplification.”

---------------------------------------------------------------------------

Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The Information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.

[1] VisaNet Data, June 2020

[2]Vipps AS, July 2020

[3]Vipps AS, July 2020

---------------------------------------------------------------------------

About Visa

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit our website (www.visa.co.uk), blog (https://www.visa.co.uk/visa-everywhere/blog.html), and @VisaUK.

About Vipps

We excite people through world class simplification

Vipps is the leading smart payment and eID provider in the Nordics. We are bringing the very best practices from our successful services in Norway to the international market.

Vipps is the leading smart payment and eID provider in the Nordics. The company is collectively owned by 110 Norwegian banks and offers a broad range of payments and digital identification services. Their mobile wallet has achieved worldwide attention, having achieved nearly 80 percent market penetration locally. Vipps also provides universal user capabilities across private and public sector through eID and digital signing. The success formula is built on enthusiasm about simplification. Vipps believes in the magic of collaboration and that smart beats first. With the same mindset and operational experience, Vipps is bringing the very best practices from Norway to the international market.