Vipps merger cleared with remedies
– The market for payment solutions is in a phase of rapid development. Access to BankID and BankAxept is essential for other players to compete effectively against the consolidated company. Offering remedies that allow access to BankAxept and BankID, sets the stage for this. On these conditions we can approve the merger, says Director general Lars Sørgard.
Assessing any anti-competitive effects of mergers and acquisitions is part of the NCA`s assignment. February 20th, the Authority notified the parties that further assessments were necessary, due to possible anti-competitive effects in the market. Following the notification, the parties offered remedial measures to meet the Authority`s concerns.
– In our dialogue with the merging parties, we have been clear that access to BankID and BankAxept is vital in order to achieve effective competition in the Norwegian payment market, says director Gjermund Nese.
Access to BankID and BankAxept
The remedies offered by the merging companies imply a commitment to allow competing players access to BankID and BankAxept. The remedies include the following:
- The consolidated company commits itself to offer BankID to third parties` payment solutions on non-discriminating terms.
- The consolidated company commits itself to offer necessary services for the issuing of virtual BankAxept cards to third parties` payment solutions on non-discriminating terms.
- The consolidated company is committed to offer BankAxept as a separate service.
- The decision is valid for 3 years with an option of renewal.