Several U.K. phone companies are forming a mobile payments venture that also supports mobile coupons.
Telefonica UK, Vodafone UK, T-Mobile and Orange parent Everything Everywhere each plan to provide a start-up investment for the project, which would include a "mobile wallet" using contactless payment technology, "relevant" offers and coupons delivered directly to users' phones and the creation of a single mobile-commerce "ecosystem" for advertisers, retailers and banks, the three companies said in a press release Thursday.
The venture will allow consumers to access their entire physical wallet from a SIM-based wallet regardless of network or device, provided it is equipped with a near field communication chip for contactless payments, the companies said. The venture will also enable banks to create mobile versions of any debit or credit reward programs they offer and provide a "single contact point" for retailers and advertisers to market to customers through mobile devices.
The companies will continue to compete and develop their own products but will base them on the joint venture's infrastructure.
"This groundbreaking new business will unlock the true potential of commerce in the wire-free world," Tom Alexander, chief executive of Everything Everywhere, said in the release. "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."
