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European Banks Join to Build Cross-Border Mobile Payment Network

Seven providers of mobile payment services owned in large part by banks are building a pan-European network, as traditional lenders seek to counter the growing competition from fintechs and global technology giants like Apple Inc.

Danske Bank A/S’s MobilePay, which operates in Denmark and Finland, said the association is designed to pave the way for cross-border transactions for as many as 25 million users. The other companies involved are Belgium’s Banccontact Payconiq, Germany and Austria’s Bluecode, Portugal’s SIBS, Sweden’s Swish, Norway’s VIPPS and Switzerland’s TWINT.