Danske Bank drops MobilePay fee plan

Competition dooms plan to charge for transactions

As competition in the mobile banking world heats up, the country's current leader Danske Bank has scrapped the idea to add a ten øre per transaction fee in 2016. 

The fee was originally scheduled to be added on last year, but was pushed back until 2016. Now the bank says it has permanently retired the idea. 

According to Berlingske Business, competition from other players like Swipp in the hotly-contested mobile pay market has led to them keeping the transactions free.

Competition the key
Competitor Swipp has launched a major advertising campaign designed to cut into MobilePay’s current dominance of the market.

“Danes have jumped on mobile pay,” the head of Danske Bank’s mobile pay division, Mark Wraa-Hansen, told Berlingske.

"In just over a year and a half, nearly 2 million users have made a billion kroner's worth of transactions, and the market will continue to grow.”

READ MORE: MobilePay changing the way Danes shop

Wraa-Hansen said that Danske Bank wanted to continue to work to ensure that the mobile pay concept remains a success.