Faroese residents set to gain access to Danish payment services

Faroese residents should gain access to all relevant payment services available in Denmark, including MobilePay and Vipps, the Ministry of Business told broadcaster KVF.

The ministry has submitted a proposed legislative amendment for consultation. It covers Danish payment solutions as well as services from other EU and EFTA countries that can be used in Denmark.

Payment service providers have so far been reluctant to offer their solutions in the Faroe Islands because it is a small market.

Under the proposed changes, foreign providers operating in Denmark and approved in the EU and EFTA would be allowed to operate in the Faroe Islands without setting up special systems or obtaining separate licences there.

The changes are due to enter into force on January 1.