EU Begins Investigating Telecoms Over Mobile Payments Venture

Square, PayPal, and Google Wallet are some of the big tech names making inroads into the mobile wallet and payments space in the U.S., but in Europe, big hope lies in a group effort announced by major telecoms last summer. Vodafone, O2, Everything Everywhere (a joint venture between Deutsche Telekom and France Telecom) announced last June that they would be banding together and help make mobile wallets more commonplace in Europe and the U.K. by standardizing payment schemes. (That's similar to the ISIS scheme in which AT&T, Verizon, and T-Mobile are joining forces to make over the credit card.) A smaller telecom provider who was left out of the nexus seems to have snitched to the EU, however, prompting a newly launched investigation into whether the group's actions and plans sound anticompetitive.

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