Mobilepay pulls out of Norway

The Danish mobile payment service Mobilepay, established by Danske Bank, is pulling out of Norway after major bank Nordea opted to give it up in favour of DNB’s Vipps service. Newspaper Dagens Næringsliv (DN) reported that only 3,000 of Nordea’s roughly 1 million customers had downloaded Mobilepay. The Danish service can claim around 3.8 million […]

‘Error’ disrupted banking and post

Millions of bank customers in Norway were unable to bank online, withdraw money from automated teller machines or use their bank cards for point of sale purchases on Friday. The large company responsible for their banks’ technical services, Evry, was down for the count again, and other Evry customers were hit as well including Telenor […]

US pipeline opponents back in Oslo

A group of North American women representing the indigenous groups fighting construction of disputed pipeline projects in the US and Canada have been back in Oslo this week. They’re urging Norwegian politicians and financiers to cut all ties to the projects, but Norway’s sovereign wealth fund known as the Oil Fund was non-committal. Norwegian Broadcasting […]

Tax havens lose their attraction

Norwegians who’ve stashed wealth abroad, to avoid paying taxes on it, are about to lose the anonymity of tax havens they once enjoyed. Banks in more than 100 countries including Norway are starting to exchange account information that reveal holdings their owners wanted to keep secret.  Norwegian tax director Hans Christian Holte warns that by […]

Trouble plagues DNB’s mobile payment system

DNB’s much-vaunted “Vipps” system, which allows users to pay for goods and services via their mobile phones, was out of service on Friday and bank officials couldn’t say when it would be up and running again.  “Some of our customers experienced earlier today that transactions were being doubled,” the bank reported on its Facebook page. That […]

‘Dramatic’ fall in real estate prices

The cost of housing is still high in Norway, but brokers report another decline in prices for the month of June that’s been described as “dramatic.” Prices fell the most in Oslo, where they’ve been highest and where supply has jumped while demand has fallen because of tougher financing requirements. The national real estate brokers’ […]

Huge suit against DNB can proceed

Norway’s consumer council (Forbrukerrådet) won a green light on Friday to move foward with a massive class-action lawsuit against Norway’s biggest bank, DNB. The council, on behalf of DNB customers, is demanding that the highly profitable state-controlled bank refund NOK 690 million in fees charged on its investment funds. “We are happy and relieved,” Jorge Jensen, […]

Cash survives, in new updated style

Serious, official efforts to turn Norway into a cashless society have been put on ice, just in time for the country’s central bank to roll out its much-hyped new currency in updated syle. Norges Bank has been making it clear that Norwegian currency will remain legal tender, despite tax authorities’ and some politicians’ efforts to do […]

Banks set up ‘digital defense center’

Nordic banks have agreed to mount a common front against cyber attacks, in the form of what they’re calling a “digital defense center” based in Oslo. The effort will build on the Norwegian finance industry’s competence center, Finans-CERT. It was established by the banking and insurance companies’ trade association Finans Norge in 2012 to help defend the […]

Government acts to curb consumer debt

Norway’s conservative government coalition, alarmed by the growth of consumer debt in the country, followed through this week on plans to curb it. Three ministries acted together to present stricter regulations, establishment of a debt register and monthly billings that clearly show a customers’ total debt. Finance Minister Siv Jensen is especially cracking down on what she […]