The European Commission has given English telecom-providers the green light for making their own mobile purse.
This means that English consumers will soon be using their mobile telephone to pay. They will only have to swipe their phone alongside a cash-register in order to transfer money to a retailer. They can also use it to save and cash-in points.
The European Commission investigated whether the collaboration between Telefonica, Vodafone and Everything Everywhere (Orange/T-Mobile) presented any obstacles for others entering this new market. Europe’s executive committee does not think this is the case.
Various companies, including PayPal, Google and Apple, are working on similar systems.
In the Netherlands, KPN, T-Mobile and Vodafone have tried to develop a similar system together with ABN AMRO, Rabobank and ING. In July, however, the parties concluded that the path they were taking was too complex and would take too long.
Rabobank need little time to take the initiative itself. The bank spent a few million on buying up MyOrder. This company’s technical team is now building a system they claim can compete with foreign initiatives as soon as they arrive in the Netherlands.