Everything Everywhere, Telefonica UK and Vodafone UK have announced plans to create an m-commerce joint venture. The venture is designed to deliver the technology required for the speedy adoption of mobile wallet payments.
With the increased interest in near field communication (NFC), the ability to transfer data via touch, this joint venture becomes timely for both businesses and consumers.
The aim of the project is to provide a single contact for advertisers, marketing partners, retailers and banks who provide anything from credit, debit and loyalty cards to transport tickets to be able to create secure mobile versions of their products. This will allow customers to pay for goods and services via their mobiles.
The plans are subject to competition clearance and aim to launch before the end of the year. Everything Everywhere, Telefonica UK and Vodafone UK will continue to develop their own competing products, which will be based on the open platform infrastructure provided by their joint venture.
Tom Alexander, CEO of Everything Everywhere, said, "This groundbreaking new business will unlock the true potential of commerce in the wire-free world. The benefits will be felt across the whole industry, allowing people to manage their money and make payments using their handsets, helping advertisers reach their customers on the move, and helping banks provide their clients with an easy and convenient way of making payments."