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Telefónica Brokers Mobile Money Alliance

Sarah Thomas
5/30/2013

Telefónica is joining forces with Spanish banks CaixaBank and Santander to create a joint venture to develop new digital businesses in mobile banking, including a mobile wallet. In what it's billing as the first European alliance of telecoms and financial institutions, Telefónica announced Thursday that the venture would start in Spain, targeting the area's 600,000 businesses, with plans to go international in the near future. Its first order of business is building an online community to connect merchants and consumers with offers, discounts and promotions, helping retailers boost sales. The partners also plan to build their own digital wallet for all of their customers' cards and payment needs, both digital and person-to-person via their mobile number. Why this matters
CaixaBank and Santander aren't Telefónica's first partners in the mobile commerce space, but the fact they are actually forming a joint venture makes this the operator's biggest bet on mobile money yet. Provided the venture passes muster with Spain's competition authorities, the combination of banks and a telco working together -- rather than against each other as is often the case -- could be a powerful force in driving mobile commerce into the mainstream. Telefónica says the venture is also open to other partners, although it didn't specify whether it would like them to come from the telecom world, financial sector or elsewhere. For more

— Sarah Reedy, Senior Editor, LightReading

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PositivelyKeith
PositivelyKeith
6/1/2013 | 8:31:10 AM
re: Telefónica Brokers Mobile Money Alliance
I am pleased to see this development, but at the same time worried that it is Santander again! They seem to be taking over the world!
In UK they took over Alliance and Leicester, they power HM Revenue and Customs payment systems, just keep coming across them everywhere.
I guess it could be worse - stuff could be powered by RBS whose systems leave their customers high and dry every now and again!
PositivelyKeith
PositivelyKeith
6/1/2013 | 8:26:12 AM
re: Telefónica Brokers Mobile Money Alliance
We deem ourselves to be at the forefront of things in USA and Europe, but why do I keep coming across stuff that has been going on in Asia for some time, India in particular?
There seems to be so much more technology collaboration going on there.
MordyK
MordyK
5/30/2013 | 10:30:40 PM
re: Telefónica Brokers Mobile Money Alliance
This has been a pretty successful model in Asia so it ought to work. After 15 years of bickering it's great to see even a small ray of sunshine.
Sarah Thomas
Sarah Thomas
5/30/2013 | 6:00:13 PM
re: Telefónica Brokers Mobile Money Alliance
Good to see an operator working with the banks (and this closely, too) versus trying to go around them. There may be less revenues to go around with partnerships, but I think it's the only way the market will really take off.
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