Vodafone, O2, and Everything Everywhere have reportedly received EC approval for their mobile wallet voint venture.
According to Reuters, the approval is set to be granted as early as this week. The new partnership aims to build mobile wallet technology that would allow consumers to buy goods using their smartphone.
EC officials launched an investigation into the mobile wallet partnership in April. At the time concerns were raised over the joint ventures effect on competition in the mobile wallet arena.
The investigation was prompted when the European Commission's (EC) exploratory investigation found that a mobile wallet partnership could hurt competition by blocking firms from starting their own mobile wallet service.
Following the full investigation officials now appear satisfied that the mobile consortium will not be able to distort competition. Reuters cited unnamed sources that claimed the EC will give the partnership "unconditional clearance" to move forward however it sees fit.
The Vodafone, O2, and Everything Everywhere coalition will now have to compete with the likes of Google Wallet in the mobile payment field.
The relatively new mobile wallet arena sees the likes Google, Apple and Square offer a mobile handset-based alternative to credit cards and cash.
By using technology like near-field communication (NFC) these companies can allow users to buy goods by storing financial information on a smartphone and transferring it to store owners when purchasing items.
O2 built its own mobile wallet app earlier this year. The partnership will look to build upon what the company has already created.
Square announced that it was joining forces with Starbucks for a mobile wallet team partnership last month. Apple also unveiled its mobile wallet technology PassBook for public consumption with the release of iOS 6 in June.
Vodafone, 02, and Everything Everywhere could not respond for comment at the time of this writing.
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