Vipps, Nets to extend collaboration on payments tech

Denmark-based payments technology developer Nets will develop new solutions for Vipps, Norway’s leading mobile payment app, under a new agreement.

Nets, the longtime processor for BankAxept, the Norwegian debit card scheme now owned by Vipps, will continue in that role through 2024 as part of the agreement, the companies announced Wednesday.

BankAxept, formed in 1991 as a collaboration among Norway’s top banks, merged with Vipps last year. Joining forces enabled Nets to expand consumer payment options, and the new agreement will accelerate simplified methods of paying invoices and bills, according to the release.

“Based on our stable and secure platform, we have a strong starting point for the development of new convenient and easy [payment] solutions and the collaboration will ensure that BankAxept remains the leading solution in the increasingly competitive Norwegian market,” said Thomas Jul, Nets’ head of financial and network services.

“This agreement supports us to offer the best and most cost-effective solutions for card payments in Norway,” said Rune Garborg, Vipps’ CEO, in the release.

Nets last year merged with Germany's Concardis Payment Group.