The EU's executive body said on Wednesday that it had approved the creation of a joint venture by Bite Lietuva, Tele2 and Telia Lietuva to provide mobile payment services to businesses and private individuals in Lithuania.
"The Commission concluded that the transaction would raise no competition concerns given the minor overlap between the joint venture's envisaged activities and the parents' potential activities in the supply of mobile payment services," the Commission said in a press release.
"Moreover, the Commission found that the joint venture's parents would not have the ability, or incentive, to shut out rivals, in particular due to the presence of alternative means for competitors of the joint venture to securely store information and to authenticate users," it said.
At the beginning of the year, Tele2, Omnitel (currently known as Telia Lietuva) and Bite Lietuva signed a protocol of intentions with the Central Bank of Lithuania on cooperation in the development of instant payments solution. The operators intend to create a platform that will enable fast and easy payment for goods and services.
Instant payment will allow users to pay by mobile phones in stores and among themselves, with the money to be transferred within a few seconds round the clock.
