The European Commission (EC) has “unconditionally approved” Project Oscar, the mobile wallet joint-venture (JV) between Vodafone, Telefonica UK and Everything Everywhere following a preliminary investigation.
The Commission is satisfied that Project Oscar is not anti-competitive and has paved the way for it to be launched as early as this year. Its investigation, which began in April, found that a number of alternatives already exist and more are likely to emerge in the near future, so it is not likely to create a monopoly.
“The Commission concluded that the joint venture will not likely lead to a significant impediment to effective competition in the EEA within the meaning of the Merger Regulation,” said the Commission announcing its decision.
“In mobile payments, the JV will benefit businesses and consumers by accelerating the deployment of mobile wallets and associated services in a secure way,” the partners said in a statement. “Through the solution offered by the JV, businesses will be able to connect once in order to offer a wide variety of mobile wallet services – including payment and loyalty cards – to millions of consumers on the majority of handsets, operating systems and mobile operators.
“It will give consumers a simple and secure shopping experience, allowing them to purchase goods and services using their handsets in physical locations such as shops, using contactless technology, as well as online.”
The Project Oscar partners also reiterated their commitment to make the joint-venture open to any operator, MVNO, third party publisher, bank, ad agency or retailer.
“The partners in the JV believe it has an important role to play in helping to keep the UK at the forefront of digital innovation, creating jobs, promoting innovation and stimulating competition,” they said.
How much do you know about smartphones? Take our quiz
Fourth quarter results beat Wall Street expectations, as overall sales rise 6 percent, but EU…
Hate speech non-profit that defeated Elon Musk's lawsuit, warns X's Community Notes is failing to…
Good luck. Russia demands Google pay a fine worth more than the world's total GDP,…
Google Cloud signs up Spotify, Paramount Global as early customers of its first ARM-based cloud…
Facebook parent Meta warns of 'significant acceleration' in expenditures on AI infrastructure as revenue, profits…
Microsoft says Azure cloud revenues up 33 percent for September quarter as capital expenditures surge…