Reports: Weve Pulls Plug on Mobile Wallet (Sept. 15, 2014)
Weve, the mobile payments joint venture from mobile operators Vodafone UK, Telefónica UK’s O2 and EE, has abandoned plans to develop its own mobile wallet product after the U.K.’s three largest mobile telecom providers failed to agree on how to run the wallet, according to several reports. The networks were expected to roll out the wallet in the next six months, and the announcement to scrap the project comes just days after Apple unveiled its iPhone 6, featuring NFC technology and Apple Pay service. Instead, the telecoms reportedly will release individual payment apps in the coming months, and Weve will focus on loyalty and marketing services.
Last February, MasterCard had joined forces with Weve to accelerate adoption of NFC mobile payments, with MasterCard providing technology and integration services to banks and financial institutions that offer the Weve platform to their customers. This summer, Weve’s CEO David Sear left for Skrill Group, provider of online payment technologies to merchants and consumers, to be its group chief commercial officer.
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