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The European Commission announced today it has unconditionally approved the creation of a proposed mobile-commerce joint venture by the three largest operators in the UK, Everything Everywhere, Telefónica UK and Vodafone UK.

Dutch mobile operators and banks have decided not to form a joint venture to roll out NFC services together, saying “developments in the market” were responsible for ending the deal that was nearly three years in the making.

Google and PayPal have reportedly expressed concerns to European antitrust regulators, saying they fear that if major UK mobile operators are allowed to form their proposed NFC mobile-commerce joint venture, they would have too much power to control secure elements in NFC phones, the Financial Times reported Sunday.

Telefónica UK, known as O2, launched its long anticipated O2 Wallet today, offering text-based money transfers and online product searches and purchasing, but no NFC yet.

A decision by the European Commission to launch an in-depth investigation into the proposed NFC m-commerce joint venture by the United Kingdom’s three largest mobile operators could create delays in NFC rollouts in the UK and problems in other European countries, where telcos are planning similar joint ventures.

U.S.-based global product safety and testing company UL has acquired Netherlands-based NFC and smart card consulting and test tools firm Collis, which has worked with NFC joint ventures that have formed or are planned in the United States, United Kingdom and the Netherlands.

Vodafone sees its planned prepaid payment service in its forthcoming NFC mobile wallets as a “business opportunity,” though it intends to enable many other applications, including payment from major banks, Christian Wirtz, group director for mCommerce told NFC Times.

The United Kingdom’s three largest mobile operators have filed their application with European antitrust regulators, seeking approval for their proposed joint venture to help them roll out NFC mobile wallets and services.