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EU to Clear UK Mobile Operators' E-Wallet Plan

European Union regulators will approve plans by British mobile operators Vodafone, O2 and Everything Everywhere to set up a joint venture to allow users to make payments and purchases with their phones, a person following the deal said on Tuesday.

European Union regulators will approve plans by British mobile operators Vodafone, O2 and Everything Everywhere to set up a joint venture to allow users to make payments and purchases with their phones, a person following the deal said on Tuesday.

Vodafone, Telefonica's 02 and Everything Everywhere , which is owned by France Telecom and Deutsche Telekom, aim to compete with similar mobile payment services from Google, Apple and Facebook.

The mobile wallet scheme, called Project Oscar, allows users to use their mobile for transactions, instead of using cash or cards. It can also be used by retailers, banks and advertisers.

The European Commission is expected to give approval this week, ahead of a Sept. 19 deadline, said the person, who declined to be identified because of the sensitivity of the matter.

"It will be unconditional clearance," the person said.

The Commission declined to comment.

Copyright 2012 by Reuters. All rights reserved.

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