Cash shortage, and Vipps mobile phone payment record

VipsViips.Photo: Norway Today Media

Cash shortage, and Vipps mobile phone payment record broken on Norway’s National day

The number of mobile phone payments using the Vipps app on the 17th of May, the National day, was almost four times as many as on the
17th of May last year.


DNB Nor bank announced even higher numbers of Vipps payments, though it appears that there were 450,000 Vipps transactions
conducted on Wednesday.

The previous 17th of May record of 124,000 payments was on the same day last year. This year’s National day also reigned as garnering
the most transactions ever, smashing the previous record of 350,000 transactions.

‘Overall, over NOK 87 million worth of payments were made today,’ said DNB bank’s Even Westerveld to E24.

Cash payments in Norway still falling

One reason for the increase is that cash payments in Norway are still falling, and many people forget that they need cash for buying ice cream,
sodas and sausages on the 17th of May.

‘The total ATM withdrawals are getting fewer and fewer, and some have introduced a fee on withdrawals,’ said Elisabeth Haug, Vice President of
Vipps, to Dagens Næringsliv financial newspaper.

Over two million Norwegians have downloaded the app

Over two million Norwegians have downloaded the payment app used by 106 Norwegian banks.

The two year old service is still in minus, as 70% of the use is to pay friends, which is free. The other 30% are payments to associations,
organisations and teams. However, their use is expanding to stores and other sales outlets.

‘It has been a very fast development. We believe 2017 will be the year when mobile payments becomes the standard form of payment,’ said Haug.


© NTB Scanpix / Norway Today