Weve: Apple Pay’s First Casualty?
Sept. 18, 2014
A U.K.-based, mobile-carrier backed joint venture that had proposed to launch an NFC-based mobile payment platform has decided to abandon its mobile wallet initiative, according to published reports. Weve, which was owned by major UK carriers EE, O2 and Vodafone, said it will scale back its offering to include preloading mobile payment apps the companies are developing individually and implementing loyalty programs.
While the companies were squabbling before Apple Pay’s shot-heard-round-the-world, a former executive of Weve took to Twitter to confirm the payments news from Apple’s U2/iPhone 6/Apple Watch extravaganza certainly didn’t help.
"Operating system owners and big handset manufacturers now have the real power in the mobile world – consumers are reliant on them not mobile operators," said Tony Moretta, a founding executive of Weve, who left the company in January. "Apple can deliver a consistent user experience for payment on iPhones – mobile operators were not prepared to and wanted to compete with each other."