Weve abandons plans for a mobile payments platform

Mobile payments trends wallet

Weve has announced that it will no longer be developing a mobile wallet platform

Weve, a joint venture from EE, O2, and Vodafone, has abandoned plans to develop a new mobile wallet that was meant to make it easier for banks and retailers to engage mobile consumers. The company has been making an effort to break into the mobile commerce space of the United Kingdom. Thus far, Weve has found only moderate success, but it has been able to help its parent companies establish a stronger foothold in the realm of mobile payments.

Mobile operators are not able to agree on standards to govern mobile wallet service

Weve has abandoned its plans for a mobile wallet because its parent companies were unable to agree on standards regarding such a mobile payment platform. Instead, Weve will support a “wave and pay” service that will leverage pre-loaded applications and loyalty plans. Such a service would allow consumers to wave their mobile device at a payment terminal to make a transaction, highlighting the convenience of mobile commerce.

Apple is breaking into the mobile payments space, finally

Mobile payments walletSuch a service may have trouble engaging consumers, especially in light of recent announcements from Apple. The company has unveiled its Apple Pay service, which will be an integral part of the iPhone 6. The service also leverages a wave and pay mechanic, but it may be more attractive to a wider range of consumers than what Weve is offering. Apple has already formed deals with many of the United Kingdom’s prominent financial institutions, which gives it a certain degree of clout in the country’s commerce sector.

Mobile operators are expected to focus their efforts on the Android platform, introducing new mobile commerce services in the future

With Apple finally breaking into mobile commerce, the UK’s mobile operators are likely to focus their efforts on the Android platform. Android devices are quite popular in the United Kingdom and represent a great deal of mobile commerce activity. By devising mobile payment initiatives for this platform, mobile operators may be able to compete with Apple quite effectively in the digital commerce space.

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