Vipps MobilePay, a Nordic fintech mobile wallet, confirmed its collaboration with European payments groups Bancomat, Bizum, EPI/Wero and SIBS MB WAY is entering a new phase with the launch of a shared organisation.
The partners, which collectively serve around 130 million users across 13 European countries, have previously outlined plans to work together to simplify cross-border payments across the region.
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The group is now establishing the European Network for Payments (ENP), a joint entity that will run and scale interoperability between the participating payment solutions.
ENP will link the existing services, including instant account-to-account payments, through a common technical and operational layer based on European standards. The entity will also be responsible for technical coordination and for expanding the network’s capabilities and membership over time.
The initiative is intended to enable consumers to use their existing payment apps for cross-border transactions.
Additional European payment solutions could join in future, subject to mutual agreement and compliance with the network’s technical and operational requirements.
Vipps MobilePay Strategic Partnerships head Kim Fuglsang Kristoffersen said: “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.”
The rollout will take place in phases, starting with cross-border person-to-person payments. Online and in-store payments are expected to follow.
Each participating payment solution will retain its existing brand and user experience as interoperability is introduced.
ENP will be headquartered in Madrid. Ownership will be split equally among the founding partners.
