The banks’ joint solution to mobile payment, Swipp, purchases Paii, Denmark’s first real mobile payment solution, from the telecom providers TDC, Telenor, Telia and 3 and merges the two businesses with the declared goal to make Swipp the Danes’ favourite mobile payment solution.

With the merger of Swipp and Paii, there will be a new joint app, making it possible for all Danes, regardless of their chosen bank, to use their mobile phones to transfer money, pay online or make payments in stores.

The transaction marks an interesting initative in the competition for future payment solutions to both private persons and businesses in Denmark. The merged company combines the technologies and knowledge developed and gained by the banks behind Swipp and the telecom providers behind Paii, which form the basis of the accelerated development of new and more user-friendly payment solutions, which will increase the payment opportunities of both private persons and businesses.

Swipp is an easy, secure and inexpensive mobile payment solution developed and tested by Nordea, Nykredit, Arbejdernes Landsbank, Spar Nord, Sydbank, Jyske Bank and Lokale Pengeinstitutter. Between them, the more than 60 banks have 3.3 million customers in Denmark. www.swipp.dk.

Paii was set up by the four largest telephone companies in Denmark: TDC, Telenor, Telia and 3. It is a separate business set up to use the mobile phone’s potential as a means of payment. Paii is a financial business with an e-money licence from the Danish FSA.

Bruun & Hjejle has acted as legal counsel to Swipp and its owners Nordea, Nykredit, Regionale Bankers Forening (RBF) and Lokale Pengeinstitutter (LOPI) in connection with the acquisition of Paii. The transaction emphasises Bruun & Hjejle’s strategic focus on transactions and the financial sector.