The acquisition of BankAxept and BankID in 2018 was approved under multiple conditions and is still continuing.
In 2018, the Norwegian Competition Authority allowed Vipps to purchase BankAxept and BankID Norway on special terms to ensure healthy competition in the payment solutions market.
On Monday, the Authority decided to renew the license for three years until April 27, 2024.
-Feedback from market participants in the consultation round indicated that Vipps is still needed to provide access to BankAxept and BankID’s third-party payment solutions, so these terms should continue to be used, Write audit.
National institutions believe that the association will “significantly hinder effective competition” and still have the conditions to curb anti-competitive effects.
Department head Gjermund Nese said these conditions allow the competitive Vipps payment solution to establish itself and compete in the market.
Nesse said: “The Norwegian Competition Authority must pay special attention to the interests of consumers. We believe that the continuation of these terms will help consumers obtain the best payment solution at the lowest price.”