Final 12 months, MobilePay, Pivo and Vipps – that are all financial institution owned – set out plans to hitch forces to create a single funds app with a mixed consumer base of 11 million customers throughout Finland, Denmark and Norway.
Nevertheless, with Danske Financial institution-owned MobilePay and OP Monetary Group-owned Pivo each having sizable buyer bases in Finland, the EC’s directorate-general for competitors raised the alarm.
This has pressured Danske Financial institution and the consortium of lenders behind Vipps to maneuver forward with out OP Monetary and Pivo. The revised plan nonetheless wants EC approval.
Christian Bornfeld, head, private prospects, Danske Financial institution, says: “MobilePay in Denmark and Finland will nonetheless merge with Vipps. The events’ ambition to create a cell cost pockets throughout borders has not modified.
“Each Danske Financial institution and the Norwegian banks behind Vipps would have most popular the merger, as deliberate, to incorporate OP Monetary Group and Pivo, however we respect the Fee’s issues and now hope for a swift approval.”
The change implies that the brand new firm, referred to as Vipps MobilePay, will now be 27.8% owned by Danske and 72.2% owned by the Norwegian consortium.,