European payments collaboration takes next step with new joint entity
Earlier this year, Vipps MobilePay joined forces with Bancomat, Bizum, EPI/Wero and SIBS MB WAY with a shared ambition to make payments across Europe simpler. Now, the collaboration is taking its next step.
The partners are establishing the European Network for Payments (ENP), a new joint entity that will operate and scale the interoperability between the participating payment solutions.
The idea is to connect payment solutions that are already widely used and trusted in their home markets. Together, the participating solutions already serve around 130 million users across 13 European countries.
For users, the goal is simple. To make it possible to use the payment solution you already know and trust when paying or sending money across borders, while the different solutions are connected behind the scenes.
“Europe needs to move fast in building strong, independent European payment solutions. At Vipps MobilePay, we are therefore proud to join forces with leading payment solutions across Europe that are already strong in their home markets. Now we are connecting what we have built, turning ambition into action and creating a strong European alternative that is easy for Europeans to use across borders,” says Kim Fuglsang Kristoffersen, Head of Strategic Partnerships at Vipps MobilePay.
The phased rollout will start with cross border payments between people, followed by online and in store payments. The solutions will keep their own brands and user experiences as they become connected across Europe.
The European Network for Payments will be headquartered in Madrid and owned equally by the founding partners.