OECD Competition Committee
CEO Vipps MobilePay, Rune Garborg
Relative market strength
504th place
Nordea
Valued at $39.23 Billion USD
644th place
DNB
Valued at $30.13 Billion USD
682th place
SEB
Valued at $28.65 Billion USD
799th place
838th place
Danske Bank
valued at $23.88 Billion USD
Swedbank
Valued at $22.71 Billion USD
No place
Vipps MobilePay
Valued at $ 1 Billion
Top five Nordic Banks: 4% of Apple's Worth
After a long battle, we finally have a level playing field in-store
End state:
A pan-European interoperable wallet
Competitive challenges:
1. Technical and economic barriers
• High margins from terminal providers, acquirers and PSPs increase costs
• Terminal ownership structures hinder innovation and access
Competitive challenges:
2. Cross border scaling
• A unified wallet across countries requires support from local banks
• Lack of interoperability between existing solution
Key consequenses:
• The current model makes it too expensive to issue and use alternative solutions
• Negative impact on consumers and innovation
• Whoever owns the user journey owns the relationship
• While still struggling to enable cheaper payment rails, Europen banks are losing customer interface
• Risk: Europe loses the battle for the mobile wallet
Opportunities
How to strengthen competition:
• A common European digital ID enabled by eiDAS 2.0
• Allows consumers to easily register cards in in wallet
• ID wallets should be used in cooperation with existing payment solutions
• Reduces dependency on national solutions and banks
• More open infrastructure = Lower costs = More choice
What’s needed:
Swift and clear implementation of eiDAS and access rules
Standardised access to mobile features (NFC)
Measures to address high terminal costs
Public–private collaboration on ID and interoperability
European alternative to Apple and other bigtechs
Thanks for your time
