The Financial Times is reporting that Project Oscar, the codename for the mobile payment joint venture between rival mobile operators in the U.K., is likely to receive regulatory approval – maybe as early as this summer.

The joint venture between Vodafone, Everything Everywhere and O2 (the brand under which Telefónica operates in Great Britain) has been dogged with problems since its announcement almost a year ago, including accusations by British wireless carrier Three that the project would be anticompetitive. The intention was to have a mobile payment product using NFC technologies in place by the London Olympic games, but the venture only recently filed the necessary paperwork to EU regulators.

EU regulators echoed Three's worries that the JV might effectively exclude other wireless providers from the mobile payment market in the U.K. and extended the review period. Now, according to sources familiar with the process, it appears Project Oscar may actually be getting the official go-ahead ahead of schedule.

Regulators and representatives from Project Oscar did not comment on the FT story.

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