UK mobile operators have scrapped plans to launch a mobile wallet, following disagreements over how the service will be run.
Weve, a joint venture owned by O2, EE and Vodafone, was formed last year with the aim of creating a mobile payments and advertising platform in partnership with banks, retailers and card companies.
The mobile wallet aspect would have allowed users to pay for goods by tapping their smartphone on an near field communication (NFC) point of sale device at retailers, and was due to launch during 2015.
However, these plans have now been cancelled, according to theTelegraph, with EE, O2 and Vodafone focusing on development of their own apps.
EE recently launched its own NFC smartphone payments app, Cash on Tap, while Vodafone is expected to introduce its service next month. Meanwhile, O2 parent company Telefonica is developing a new payments wallet with Monitise, having ditched a previous attempt at the start of this year.
It is believed that Weve will continue its other joint projects, including its mobile advertising network and marketing messaging service.
A spokesperson for the company was unable to confirm the reports, but issued a statement: "Weve's mandate has always been to explore new commercial opportunities in the mobile commerce arena and to build products and services that make commercial sense.
"Weve has also done a great deal of valuable work exploring opportunities in the UK mobile payments space in 2014, yielding insight and developing significant intellectual property in this market.
"We continue to believe there is a great deal of potential in mobile contactless payments and we are currently working on developments where Weve can help streamline the mobile payments process."
The decision is revealed just days after Apple announced its Apple Pay platform, which is expected to grab a large share of the smartphone payments market, launching first in the US.
Sign up for MIS Asia eNewsletters.