Competitor Profile: MobilePay 2024

Competitor Profile: MobilePay 2024

Summary

MobilePay is a popular mobile payment solution in Denmark. Launched as a money transfer app by Danske Bank in 2013, it later extended its offering to include online, in-app, and in-store payments. It allows users to make fund transfers between friends, family members, and businesses using their phone number. Users can store card details within the MobilePay app, which can be used for payments at online and offline merchants. To make online payments, users choose MobilePay at the checkout and approve the payment on their smartphone. Users can make in-store payments via MobilePay’s MyShop app or by scanning the QR code available at merchant stores. MobilePay is supported by major payment schemes Dankort, Visa, and Mastercard, as well as by 53 banks. It has collaborated with major banks in the Nordic region including Nordea, Jyske Bank, Kreditbanken, SEB, Sydbank, Dragsholm Sparekasse, and Handelsbanken. Originally launched in Denmark, it later expanded to Finland, and Greenland.

In a bid to compete with global payment solutions such as PayPal and Apple Pay, Danske Bank entered into an agreement with the consortium of banks that own the Vipps payment solution in Norway, to merge MobilePay with Vipps. On October 2022, the EU Commission approved the merger between the two companies and In November 2022, Vipps MobilePay finally became reality. The merger resulted in the creation of one of the largest bank-owned mobile payment solutions in Europe, with a combined base of 11.5 million users and over 400,000 merchants. However, both MobilePay and Vipps continue to operate as separate entities.

The report provides information and insights into MobilePay including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its revenue model and performance highlights
• The company's important events and milestones

Scope

• In May 2013, MobilePay was launched by Danske Bank as a P2P payment solution in Denmark.
• In August 2017, MobilePay introduced MobilePay MyShop, allowing businesses to accept mobile payments wirelessly via a mobile app. The company started replacing its existing MobilePay Business payment solution with MyShop in November 2017.
• In September 2019, MobilePay partnered with beverage company Hartwall, enabling its beverage vending machines to accept payments through MobilePay.
• In August 2020, MobilePay was launched in Greenland.
• In January 2024, MobilePay partnered with US-based payment processing firm Shift4, allowing the latter to integrate with MobilePay’s payment gateway. The collaboration will allow MobilePay’s users to access Shift4’s global acquiring and payment processing feature, thus enabling merchants to accept payment through wallet and card in local currencies.

Reasons to Buy

• Gain insights into MobilePay's business operations and key events.
• Gain insights into its product portfolio and revenue model.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.