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Wallet Database

Vipps (fusion of “old”-Vipps and mCash)

21st of August 2016


  • Summary: Vipps is a cards-based digital wallet for P2P payments operating in Norway only and launched in May 2015 by DNB. In Febraury 2017, Vipps became an independent company, as most Norwigian banks joined Vipps, including SpareBank1 Alliance, resulting in the fusion of Vipps and mCash.

  • Website

  • Status: Live

  • Market: Norwey (May ’15)

  • Type: Bank Consortia

  • OwnershipVipps was owned by DNB Bank only until Febraury 2017. Since then Vipps is a joint Venture between DNB (52%), Spare Bank 1 Alliance (25%), independent banks (12%), Eika Alliance (10%) and Sparebanken Møre (1%)

  • Functions: P2P and Retail payments (through mobile number).

  • Payment Mode: Cards-based

  • Channel: In-App, POS (via SMS sent to customer phone number)

  • Roadmap: POS via Bluethooh, Virtual POS (through mobile phone number)

User Experience

  • Registration & set up: Vipps can be downloaded from App Store, Google play and Windows Store. User adds credit or debit card (Visa or MasterCard) as well as account information within the app. Up to two cards can added) It is needed to: have a Norwegian mobile number, Norwegian social number, Norwegian payment cards with Visa or Mastercard, account in a Norwegian bank, e-mail and be over 15 years. Vipps is also available for Apple Watch.

  • Making a payment: It supports PIN code and fingerprint (TouchID) in order to authenticate a transaction.

Payment Flows & Technology

  • Merchant perspective: Vipps Enterprise is needed to process a payment. Merchant processes a payment requesting money to the customer by entering customer’s phone number. Customer receives a receipt in his/her app. The money will come to merchant’s account the day after payment has taken place.

  • Security: Account and card information is protected by user’s password in the app. Payments are logged in the same way as other transfers of DNB. Vipps is protected by a user defined four digit identification code. For payments exceeding 2000 NOK, the application launches BankID user identification. There are also security checks in the applications during registration and payments.

Business Model

  • Strategy: Vipps (DNB) offers its srvices to  merchants. In exchage merchants are charged by Vipps bellow:

  • Payee fee: No set up fee or subscription cost. Merchant only pays for the use of Vipps. Fee depends on Vipps-revenue, as follows in NOK: 0-50,000 (2.5%), 50,000-100,000 (2%) and 100,001 and upwards 1,5%.  E-COMMERCE/In-App: $1 per transaction + 2% of the amount (no fixed costs or expenses relating to sales.

  • Payer fee: It costs nothing to “vippse” money to friends as long as the amount is not more than NOK 5,000. Going “vippse” more than NOK 5,000, it costs 1% of the amount. Going “vippse” money to clubs, associations and businesses, this free whatever the amount.  

Performance Data

Contact (MobeyForum Members only)

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