Brussels probes groups’ mobile wallet bid

Britain’s biggest mobile phone operators are to face an in-depth antitrust investigation into their payments joint venture after Europe’s top competition regulator raised concerns over it stifling innovation.

The European Commission’s decision to launch a lengthy probe, likely to run until late August, will be a blow to the operators’ hopes of winning speedy approval for the mobile payments and advertising system, codenamed “Project Oscar.” While the Commission gives most mergers the green light, even after an in-depth investigation, it has the power to block the venture or demand significant changes.