Dutch banks and telcos have called time on a joint venture established to introduce a national mobile wallet service.
In a statement released Thursday, ABN Amro, ING, KPN, Rabobank and Vodafone say the initial project plans proved "too costly and too long" to implement.
"Developments in the market now offer capabilities that obviate the need to jointly develop a new business focus," the statement reads.
Initially slated for introduction in 2012, the scheme envisaged the use of NFC-based contactless technology and payment software located in a secure part of the SIM-card in the user's phone.
Last year the consortium, dubbed Sixpack, set back their planned launch date until 2013 as they awaited the outcome of a European Commission investigation into Project Oscar, the proposed mobile payments JV from a group of UK telcos.
In disbanding the scheme, the project partners say they intend to engage in looser bilateral agreements that will be quicker to market. "The first priority remains the introduction of pay at the checkout with the mobile phone," the statement concludes.