New Nordic Payment Group Challenges Intricate Industry
May 21 2015
Today Bambora is launched- a Nordic payment group that simplifies for retailers and can contribute to increased sales. Bambora consists of some of the payment industry's prime innovators, engineers, financial advisors, marketeers and digital developers with the common goal of simplifying trade between people, in stores as well as online. The head office is located in Stockholm, but the Group's ambition is global.
- The Nordics is like a Silicon Valley for payment solutions. We have followed and contributed to the development of this during our more than 10 years in the industry. But we have also seen a number of exorbitant obstacles that still aren't solved and complicate trade for above all small and medium sized businesses. We know for example that 40 percent of the Nordic retailers do not know what they actually pay in fees for card purchases or how the agreements are constructed, we need to change this, says Johan Tjärnberg, CEO at Bambora.
Bambora was created from the companies formerly known as Euroline, ePay, MPS, DK Online, Key Corp and Samport, that combined handle more than three billion transactions, of which 50 percent online. This makes Bambora the largest in Sweden for online payment transactions. Thanks to this merger of competences, Bambora can offer everything under one roof. For retailers, this means for example that support and advising is now handled by one contact, instead of several as previously, which will considerably reduce the time that retailers spend on administration today.
In a first phase, Bambora launches the payment service ONE with a simple price that is easy to understand, for customers being everything from the small flower shop on the corner to the larger Nordic coffee chain. Bambora's new service also implies more efficiency when it comes to helping a retailer to set up a functioning system in stores or online, from a norm of two weeks to now a maximum of a couple of days.
- Intricacy is our largest enemy. Our key objective right now is therefore to simplify for as many retailers as possible by removing bureaucracy and administration so they can focus on their business. This will benefit retailers, and I also believe and hope that it will benefit Sweden as a whole since trade is an important engine for growth in the larger economy, Johan Tjärnberg continues.
As add on services, the retailers will be able to choose from different loyalty solutions such as for example mobile app services. Bambora is also developing new smart innovations for retailers to grow and develop their business, both in the psychical store, online and for the mobile phone.
Bambora will first be launched in the Nordics and have its head office in Stockholm. For more information see www.bambora.com