The UK’s largest mobile operators are preparing for the launch of Europe’s first joint mobile phone payments platform following indications that regulatory approval for the venture could come as early as this summer.

The UK’s largest mobile operators are preparing for the launch of Europe’s first joint mobile phone payments platform following indications that regulatory approval for the venture could come as early as this summer.

The payments system – codenamed Project Oscar – is designed as a single platform that can be used by retailers, banks and other financial services groups to allow phones to be used as mobile wallets stored with cash and installed with different credit and debit cards.

However, rival groups have warned that the platform could give monopolistic powers of control over the fledgling mobile payments industry to its owners, Vodafone, Telefonica’s O2 and Everything Everywhere, the merged UK businesses of Deutsche Telekom and France Télécom.

Europe’s competition watchdog launched an in-depth investigation to test its concerns that the venture would have the motive and power to shut out rivals. But initial feedback from the European Commission has encouraged the operators in the UK.