Nordic payment service provider Nets has collaborated with payment app Vipps to simplify payments in Norway.
Image: Nets has collaborated with payment app Vipps in Norway. Photo: courtesy of Nets A/S.
The agreement between Nets and Vipps will help reduce paper-based invoicing, increase consumer convenience and optimize cash flow for corporates in Norway.
Nets provides invoicing solution eFaktura, which has been accessing by Norwegians from many years ofr online and mobile banking services.
Vipps CEO Rune Garborg said: “We believe that this agreement will contribute to digitising all paper and email-based invoices in Norway. In the longer term, our ambition is to make the physical invoice obsolete. This partnership will create cost-savings for both corporates and consumers.”
The partnership will allow consumers to pay all digital invoices and bills in Vipps or via online and mobile banking, including services earlier only available in the Vipps app.
Consumers, who already filled out with relevant account details, can secure more invoices digitally.
The flow of digital invoices in the back-end will remain unchanged, despite the differences to the front-end of the solution. It will allow banks, corporates and suppliers to update their systems and integrations when implementing the new solution.
According to Nets, more than 3.2 million Norwegians use Vipps and around 2.6 million use eFaktura that distributes around 100 million invoices each year.
Nets Norway country director Frode Åsheim said: “Almost 180 million invoices are being delivered on paper or PDF in Norway every year.
“Consequently, many consumers forget to pay on time, creating cash flow issues for creditors. By combining the functionality of Vipps and eFaktura we are reaching more consumers, particularly young people.”
Vipps started as a P2P payment service, and later introduced payment solutions for billing, online payments, invoicing and in-store payments. It also merged with major payment and e-signing services such as BankAxept and BankID to better serve Norwegian and international users.
With around 3,500 employees, the Nets Group also includes German Concardis and Polish Dotpay/eCard ansd serves multiple financial institutions, businesses and merchants in Europe.