Vipps

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Vipps
Industry Payments
Headquarters Oslo, Norway
Area served
Norway
Website https://www.vipps.no/

Vipps[1] is a Norwegian mobile payment application designed for smartphones developed by DNB. Vipps was released May 30, 2015 and by reaching 1 million users November 5, 2015 – Vipps is Norway's largest payment application. Although Vipps is developed by DNB, it is an application open for customers from any Norwegian bank

The service[edit]

Vipps is an application that gives the user the possibility to make payments to a receivers telephone number instead of an account number. If the receiver has a bank account in one of the owner banks of Vipps, the money is confirmed and available for the receiver within seconds. Other receivers have to register their credit card in Vipps and will get the money the next bank day. If a payment is made to a phone number not connected to Vipps, the receiver will get an SMS instructing them to download the application. If they don't the payment will be cancelled. It is possible to send a request for payment, a kind of bill.

The application is designed for smartphones (newer iOS or Android versions, not Windows anymore). After downloading the Vipps application, there is an onboarding-process where the user assigns a credit- or debit card (Visa/MasterCard), personal- and account information. After registration the users account information is connected to the users mobile telephone number. Users must have a phone number, bank account, credit card and identity number, all those must be Norwegian.

Security[edit]

Vipps is protected by a user defined four digit identification code. For payments exceeding 2000 NOK the application launches the Norwegian BankID[2] electronic identification for user authentication. There are also security checks in the applications during registration and payments. The phone numbers have no check digit, but the name of receiver is shown before the payment is confirmed, if the receiver has a Vipps account. If the receiver has no Vipps account, the sender must make sure the phone number is correct.

Social Payments[edit]

The users can add a user-image to their profile which will be visible to other users and in addition to payments the application lets users chat with each other.

History[edit]

  • October 2017 - Danske Bank and Nordea gets partial ownership of Vipps. They owned the competing system MobilePay which is leading in Danmark, but now gets closed down in Norway.
  • February 2017 – Ownership of Vipps is transfered from DNB to a separate company, owned by multiple bank, but still DNB as the leading owner.
  • December 14, 2015 – Update V1.2 making Vipps available on Apple Watch, but this is later closed down.
  • November 5, 2015 – Vipps reaching 1 million users making it the largest payment-app in Norway.
  • October 5, 2015 – First update V1.1 included TouchID, multiple cards and “demand payment”.
  • September 18, 2015 – Dinside.no announced Vipps “best in test" when Din Side tests Norway’s 3 largest payment applications; Vipps, MobilePay and mCash.
  • June 2, 2015 – Dinside.no writes the article "This is why you don't need Vipps"
  • May 30, 2015 – Vipps is released and made available in Appstore, Google Play and Windows Store.

See also[edit]

  • MobilePay – Danish mobile payment service
  • Swish – Swedish mobile payment service

References[edit]