Valyou, a contactless mobile payment service in Norway whose backers include Telenor, blamed the slow introduction of NFC-enabled point-of-sale terminals and a lack of support by other operators and banks for its demise.

The firm announced its decision to close down operations on its website, allowing existing users to continue paying in stores until 30 November.

In addition to Telenor, Valyou is backed by two banks, DNB and SpareBank1 Group. But the failure to find more supporters was key to its demise, as was the lack of contactless infrastructure in shops and restaurants. The service launched in November 2014.

Nevertheless, the partners were defiant that NFC was the correct choice of  technology, and pointed to Apple and Samsung’s similar approach as evidence they were on the right track (although Samsung also uses magnetic secure transmission, MST, technology for exactly the reason it is concerned about a shortfall in NFC coverage).

The statement on Valyou’s website went on to admit, while its users liked the service, the general market is not ready for this kind of solution.

After 30 November, all virtual bank cards in users’ wallets will be automatically deleted by their banks. Users have already received a SMS to this effect. And the Valyou app is no longer available in the Google Play store.