Alternative Payment Solution: MobilePay
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, and businesses using their mobile 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 need to choose MobilePay at checkout and approve the payment on their mobile phone. As per our 2017 Consumer Payments Insight Survey, MobilePay accounted for 8.2% of e-commerce transaction value in Denmark in 2017, ahead of its main rival PayPal.
Users can make in-store payments via NFC (at compatible terminals) 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 more than 60 banks. It has collaborated with major banks in the Nordic region including Nordea Bank, Jyske Bank, Kreditbanken, SEB, Sydbank, Dragsholm Sparekasse, and Gjensidige Bank.
Originally launched in Denmark, it expanded to Finland and Norway - although its Norway operations were discontinued on January 11, 2018. As of February 2018 the app was installed on nine out of 10 smartphones in Denmark.
The report provides information and insights into alternative payment solution MobilePay, including -
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