With two schemes in place and both P27/SCT Inst on the horizon, growth of 185% YOY and adoption across banks, merchants and billers, Norway is a fast-developing IP market.
Its first IP system, Straksbetalinger, was launched by a consortium of banks in Norway in 2013 to enable IP bank transfers in Norwegian krone between participating banks. The central bank is planning to launch an improved version of the system that will follow SCT Inst’s standards. The new system is scheduled to be launched during 2020 and will enable P2P, C2B and B2B transactions.
Mobile payments app Vipps — which DNB Bank launched in May 2015 — is also widely used for mobile IP in Norway. Vipps enables users to make P2P payments as well as online, instore and bill payments using a linked mobile number, though transfers can only be made between Vipps users. Users can fund their payments using their bank account or debit/credit card, but to receive a payment, users must link their bank account with Vipps.