Swedish mobile operators Telia, Tele2, Telenor and 3 have formed a joint venture to offer a unified mobile wallet service. Operating under the name “4T,” the partners plan to deliver a mobile payments service that can be used on all handsets regardless of the cellular network.
Based on technology from Accumulate and PayEx, the service will offer mobile payments at the point of sale, online, peer-to-peer transactions, and man-to-machine (M2M) payments for vending machines and parking meters. The service is also configured to support NFC when the technology becomes available.
The mobile app and security components for the mobile wallet will be provided by Accumulate, while PayEx will take care of account holding and infrastructure services.
According to the partners, the service is scheduled to launch before summer 2012, and will be available for 97% of Swedish mobile subscribers using handset models from 2006 onwards.