Norwegian payment app Vipps has expanded its alliance with Danish payments firm Nets regarding the processing of BankAxept payments.

BankAxept is Norway’s national payment system, which is now owned by Vipps.

Over 80% of the country’s payment card transactions are said to be settled via BankAxept.

Under the latest agreement, Nets will continue to serve as the processor for BankAxept transactions till 2024.

Nets started processing BankAxept payments from 1993.

Nets head of financial and network services Thomas Jul said: “Based on our stable and secure platform, we have a strong starting point for the development of new convenient and easy solutions.

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“The collaboration will also ensure that BankAxept remains the leading solution in the increasingly competitive Norwegian market.”

Moreover, Nets will also support Vipps in developing the payment platform.

Vipps CEO Rune Garborg said: “The deliveries from Nets have proven to be of high quality, not least by having an uptime of 100 per cent since 2009.

“This agreement ensures that we will continue to have a stable platform for BankAxept transactions.

“It also supports us to offer the best and most cost-effective solution for card payments in Norway.”

Earlier this year, Vipps and Nets joined forces to digitise invoice payments in Norway.

The tie-up makes Nets’ e-invoicing solution eFaktura available across the Vipps platform.