Alternative Payment Solution: MobilePay

Alternative Payment Solution: MobilePay

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 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 choose MobilePay at the checkout and approve the payment on their mobile phone. As per the author’s 2018 Consumer Payments Insight Survey, MobilePay accounted for 7.3% of e-commerce transaction value in Denmark in 2018, 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 the 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.

The report provides information and insights into alternative payment solution MobilePay including -

• Detailed insight into its business


• Comprehensive coverage of its products and services


• Comparative assessment with key alternative payment solutions


• Information on its performance, including its revenue model


• The company's important events and milestones.

Scope

• In May 2013, MobilePay was launched by Danske Bank as a P2P payment solution in Denmark.


• Users can send and request money with a mobile number using the MobilePay app.


• In December 2018, partnered with the Finnish State Treasury to allow citizens to make payments on the government service payment platform Suomi.fi using Mobile Pay.


• In January 2019, partnered with Handelsbanken Finland.

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.