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08.06.13

Norwegian Telecom, Bank Plan NFC-Based Wallet (Aug. 6, 2013)

Aug. 6, 2013

Norwegian telecom provider Telenor and DNB, the country’s largest bank, are teaming up to launch an NFC-based mobile wallet. Dubbed Valyou, the wallet is managed through a smartphone app that enables users to make purchases up to NOK200 (US$33.76) via contactless tap; for higher amounts, users must enter a PIN.

After a 2012 pilot in Oslo, Valyou is set to launch later this year under the banner of TSM Nordic, a joint venture between Telenor and DNB. Wallet users must be Telenor subscribers and account holders with DNB, according to a report on the Website ZDNet. TSM currently is working to add bank and mobile operator partners for the wallet, the report said.

Europe has seen several recent mobile wallet partnerships between telecom providers and financial institutions or payment networks. In May, Spain-based telecom giant Telefónica joined with Spanish financial services providers CaixaBank and Santander to form a new company to develop “business opportunities based on the latest mobile and communication technologies.” In July 2012, MasterCard and Deutsche Telekom announced a partnership that would offer mobile payment capability to the latter firm’s 93 million European customers. In February 2012, U.K.-based Vodafone and Visa unveiled a plan to offer a mobile wallet to the telecom operator’s nearly 400 million users worldwide.

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