28 August 2016
Find out more

UK telcos submit mobile wallet proposals to EU competition authorities

08 March 2012  |  10494 views  |  0 smartphone

The UK's three largest telcos have finally submitted their plans to form a mobile payments joint venture company to the European Commission for approval.

The joint venture, codenamed Project Oscar, was first announced in June last year by Everything Everywhere, Telefonica and Vodafone. Like its US counterpart Isis, the venture aims to create a single mobile wallet platform hosting cards, coupons and transactionsal information on the SIM card. Banks, card schemes, retailers, transit companies and other mobile operators would be able to rent space on the SIM under a subscription model.

Oscar is not alone in arousing the interests of European competition authorities. The Dutch Sixpack collective of banks and telcos have set back their planned launch date until 2013 while they submit their plans to Brussels for approval.

The UK telcos have not helped their case by excluding smaller UK mobile operators such as Three from the early stages of the project. Three in turn has taken its case to Commission and the UK's Office of Fair Trading.

In submitting its plans for inspection, Oscar has raised the spectre of Google, which plans to launch its own mobile initiative on UK shores during the Olympic Games this summer.

"If approved, the joint venture will benefit UK plc as a whole," the partners told the Guardian in a statement. "It will promote competition by bringing together the necessary scale to offer a credible alternative to the established online payments and advertising platforms offered by large US-based internet players."

The EC's competition directorate has 25 days to either agree, demand amendments or extend its investigation.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Visa Europe takes stake in Mobile Money Network

Visa Europe takes stake in Mobile Money Network

07 March 2012  |  8628 views  |  0 comments
Isis signs Chase, Capital One and Barclaycard to mobile wallet

Isis signs Chase, Capital One and Barclaycard to mobile wallet

27 February 2012  |  16925 views  |  0 comments
Visa shows off Olympics NFC m-payments app

Visa shows off Olympics NFC m-payments app

24 February 2012  |  13067 views  |  0 comments
Banks and telcos to debate mobile financial future

Banks and telcos to debate mobile financial future

17 February 2012  |  10595 views  |  0 comments
Turkcell signs Akbank to mobile wallet platform

Turkcell signs Akbank to mobile wallet platform

06 January 2012  |  13459 views  |  0 comments
Google Wallet coming to UK ahead of Olympics - report

Google Wallet coming to UK ahead of Olympics - report

12 December 2011  |  13084 views  |  0 comments | 1 tweets
Verizon refusing to support Google Wallet - report

Verizon refusing to support Google Wallet - report

06 December 2011  |  8384 views  |  2 comments
Dutch banks and telcos push NFC m-payments back to 2013

Dutch banks and telcos push NFC m-payments back to 2013

02 December 2011  |  7887 views  |  1 comments
Telefonica to run BlackBerry NFC wallet and access control trials

Telefonica to run BlackBerry NFC wallet and access control trials

25 November 2011  |  7377 views  |  0 comments
Swedish telcos form m-payments JV

Swedish telcos form m-payments JV

18 November 2011  |  7704 views  |  0 comments
Mobile operators agree global standard for NFC on the SIM

Mobile operators agree global standard for NFC on the SIM

16 November 2011  |  10485 views  |  0 comments
Google launches mobile wallet

Google launches mobile wallet

19 September 2011  |  16931 views  |  1 comments
Three approaches EC over exclusion from UK m-commerce JV

Three approaches EC over exclusion from UK m-commerce JV

08 September 2011  |  5508 views  |  0 comments
German mobile operators team on NFC payments

German mobile operators team on NFC payments

18 August 2011  |  8032 views  |  0 comments
Hungarian mobile wallet association established

Hungarian mobile wallet association established

26 July 2011  |  8122 views  |  0 comments
UK mobile operators form payments joint venture

UK mobile operators form payments joint venture

16 June 2011  |  9727 views  |  5 comments
O2 contracts suppliers for mobile wallet launch

O2 contracts suppliers for mobile wallet launch

19 May 2011  |  9692 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comVisit equens.comVisit VocaLink.com

Top topics

Most viewed Most shared
hands typing furiouslyBig Data's Three Big Trends in 2016
7789 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
7583 views 11 | 24 tweets | 10 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6604 views comments | 17 tweets | 21 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
6094 views comments | 14 tweets | 14 linkedin
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
5774 views comments | 16 tweets | 18 linkedin

Featured job

Find your next job