According to the source, the joint venture between mobile operators meant to grab them a slice of the payments industry via smartphone ‘wave and pay’ services, has been drastically scaled back, just as Apple enters the market with the iPhone 6 and new mobile payment system.
EE, O2 and Vodafone’s ‘wave and pay’ project was announced six months ago and was due for launch early next year.
Although the two projects from Weve and Apple are similar in its ‘wave and pay’ approach, Apple has made deals directly with banks and card companies in the US, cutting out mobile operators, and has said it is working on arrangements for a UK launch.
Weve will continue other joint projects including its mobile advertising network and marketing messaging service, which are already up and running.
In February 2014, Proxama, a global platform provider of mobile proximity marketing, mobile wallet and payment solutions, was selected by Weve to develop a mobile loyalty service.
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