October 11, 2013 / 9:58 AM / 4 years ago

Belgacom, BNP Paribas mobile wallet venture secures EU approval

BRUSSELS, Oct 11 (Reuters) - Belgian telecoms group Belgacom and the Belgian arm of French bank BNP Paribas secured EU regulatory clearance without conditions on Friday to set up a joint venture for mobile wallet services in Belgium.

The venture, announced in September, will allow consumers to use their mobile devices to purchase goods or services, redeem coupons, or use their loyalty cards when visiting the mobile application of participating merchants.

“The Commission concluded that the proposed transaction would not raise any competition concerns, in particular because the joint venture will face several credible actual or potential competitors in this growing market,” the European Commission said in its statement.

This is the third such mobile wallet joint venture reviewed by the Commission, the two others being in Britain and Spain. (Reporting by Martin Santa; editing by Philip Blenkinsop)

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