The U.K.’s three biggest wireless operators said Thursday that they would create a mobile-payment joint venture, entering the high-stakes scramble among wireless operators, tech firms and credit-card companies to popularize a way of making purchases with the wave of a cellphone.

Vodafone Group PLC, Telefonica SA’s O2 and Everything Everywhere said their new venture would create a “mobile wallet,” which cellphone owners can wave in front of censors to pay for goods. It also aims to establish a central portal for advertisers to deliver discounts and loyalty offers to participating U.K. cellphones.

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