Vodafone, O2 and Everything Everywhere are set to make a submission to the European Commission about their mobile payments venture but the process may already be running too late for them to launch in time for London 2012, according to The Telegraph. The three operators need EC regulatory clearance before going ahead with their joint venture announced last year. The venture is developing technical standards for mobile payments and would also act as one-stop shop for advertisers, retailers and banks interested in payments. However the operators have yet to make their submission having had long-running discussions with the commission about the scheme which the report says is called Project Oscar.

The report says the partners were “expected to file before Christmas but the EC kept coming back with questions”. They are now expected to make their submission within the next two weeks. The EC is obliged to issue a response “within around six weeks” following a submission. If the commission gives an immediate go-ahead then the operators could launch in time for the Olympics, says the report, although “not at full tilt”. However “insiders admit that this is unlikely to happen” and the EC will want more evidence. Last year the three operators said they wanted their mobile payments service launched in time for this year’s Olympics.

Vodafone, O2 and Everything Everywhere are planning to build a joint infrastructure but are proposing to compete head-on with one another in offering rival services. However the three operators have run into opposition from smaller rival Three which is not a member of their joint venture and wants to join.