Peer-2-Peer Payments: Vipps MobilePay Partners with Tink
Nordic mobile-wallet leader Vipps MobilePay is trusted by more than 12 million users across Sweden, Denmark, Norway and Finland.
The company processes more than one billion payments annually.
Vipps MobilePay has expanded access to e-commerce payment options as part of its goal to enable more accessible transactions.
Similarly, the company also aims to enable businesses to grow internationally.
Perttu Kröger, Vipps MobilePay’s Finland Country Manager, says: “Account-based payments have a strong presence in the future of Vipps MobilePay in Finland.
"We’re excited to partner with Tink and utilise their Pay by Bank product for this development to our offering.
"With Tink’s market-leading connectivity, we’ll offer almost three million Finnish MobilePay users a secure way to make simple payments straight from their bank account.”
How A2A payments are affected
Finnish MobilePay customers can now add and use their bank accounts to MobilePay through the partnership with Tink.
Using Tink’s open banking solution, customers can also use pay-by-bank as a checkout option in Finland.
Open banking has been introduced as a potentially revolutionary approach to society’s relationship with money over the next decade.
In a recent interview with FinTech Magazine, Barath Narayanan, Global BFSI and Europe Geo Head, Persistent Systems, says: “Open banking has the potential to revolutionise how we interact with our finances by giving individuals more control over their financial data – but we have miles to go!”
Finnish customers using MobilePay will now see pay-by-bank as one of three payment methods to checkout when online shopping, thanks to Tink’s pay-by-bank solution.
Pay-by-bank also enables customers to carry out peer-to-peer transactions.
Acquired by Visa in 2022, Tink provides solutions from payments to banking and lending.
Ian Morrin, Head of Payments and UK CEO at Tink, adds: “We’re thrilled to support Vipps MobilePay as they enhance their Finnish offering with Pay by Bank.
"By combining our connectivity with Vipps MobilePay’s popular wallet experience, consumers get a fast, intuitive way to pay.
"This is a great example of how Pay by Bank can power everyday payments at scale.”
Its mission is to power the new world of finance with its solutions, including the initiation of account-to-account payments, improving risk decisioning or creating money management tools that are driven by data.
It currently facilitates open banking in 19 markets as part of its shared mission with MobilePay to enable global businesses.
The partnership also aims to offer a frictionless experience in the digital payments space to customers worldwide.
AI in Open Banking: the next big move?
Some experts predict that AI will be used in future open banking partnerships.
This comes as the banking industry moves towards AI, from enabling agentic payments to generating actionable insights from data gathered by AI.
AI open banking could soon be a common sight across global markets in the age of AI.
