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Telefonica Teams With Spanish Banks for Mobile Banking

May 30, 2013 |
MADRID -- CaixaBank, Santander and Telefónica have signed an agreement to create a joint venture to develop new business opportunities based on the latest mobile and communication technologies. This is the first alliance in Europe between financial institutions and telecom operators to innovate jointly in the creation of new digital services.

The agreement specifies that the company will begin its activities with the management of an online community to ease the connection between merchants and consumers when it comes to offers, discounts and promotions. This community will be a new tool for retailers to boost sales.

Additionally, the joint venture will develop a Digital Wallet in which customers can keep all their cards, which will serve as identification in stores and for making purchases within the digital community, as well as being a person-to-person (P2P) mobile payment service for community members.

Telefónica SA



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