10 April 2025
Strong financial improvement for Vipps MobilePay
2024 brought major improvements in financial results and a series of product launches. "Last year, the Vipps MobilePay team delivered on top. We succeeded in completing the merger with one unified tech platform, simplified the organizational setup, and launched the world’s first alternative to Apple Pay in iOS. This positions us for solid growth heading into 2025," says head of Vipps MobilePay, Rune Garborg.
Vipps MobilePay achieved an annual revenue of NOK 1,707 million in 2024, an increase of NOK 141 million compared to 2023. The company delivered a pre-tax result improvement of NOK 418 million, whereof NOK 144 million from revenue growth and NOK 277 million from cost reductions. Vipps MobilePay had a growth in transaction income of 18%.
“Early 2024, we simplified both our technological platform and our team setup, thereby closing the year with fast paced deliveries in product development and launches.
Rune Garborg, CEO of Vipps MobilePay.
Vipps MobilePay reports a total pre-tax loss of NOK 751 million and EBITDA of NOK - 540 million.
The world’s first
In July, news from the EU Commission revealed that Apple would open its NFC functionality in iOS phones to competing wallets. In December, Vipps MobilePay launched tap to pay for both Apple and Android phones in Norway, in partnership with BankAxept. Vipps remains the only mobile wallet globally to offer an alternative to Apple Pay.
"There’s currently a global championship in payments, where the world’s largest brands have truly entered the competition. Most payments are still made in physical stores. So, to compete in payments, it’s critical that you can use Vipps MobilePay in every payment situation. Now, it’s all about becoming the best and simplest wallet to use. We aim to win that competition by continuing simplifying payments and by being truly Nordic by putting our customers first, by being local, accessible, and transparent," explains Garborg.
After just five months, the wallet is close to reach 1 million users that have activated tap to pay with Vipps in Norway.
Next up
Before summer, international cards will be added to the Vipps wallet and we will launch on MobilePay in Denmark. This will enable all Norwegians and Danes to tap and pay worldwide. Plans for launches in Finland and Sweden are close to be announced.
The company is now working on launching products based on the same technology that will allow merchants to remove their payment terminals. Instead, customers can simply tap on a phone to complete their payment. This works with both plastic cards and mobile wallets.
Vipps MobilePay has more than 12 million users across Norway, Denmark, Finland, and Sweden, with 1.52 billion transactions processed throughout 2024.
