CaixaBank, Santander and Telefónica form digital JV

CaixaBank, Santander and Telefónica form digital JV

Spanish corporate behemoths CaixaBank, Santander and Telefónica have agreed to set up a joint venture to develop a range of digital services, including a mobile wallet.

The JV - subject to competition authorities approval - will see the banks and telco work together on mobile and communication technologies-based business ideas, initially in Spain and then further afield.

First up will be an online community designed to help retailers boost sales by connecting them to consumers for things like offers, discounts and promotions.

Also in the pipeline is a digital wallet in which customers can keep all their cards and which will serve as identification in stores and for making purchases online. A P2P payments feature will let users send money to friends using only their mobile number.

The partners say they hope to entice other firms into the JV to help develop more services and push for international growth.

The project is similar to Weve in the UK, which is also bidding to tie up mobile marketing and advertising, payments and transactions, loyalty and coupons in one package. However, while Weve is made up purely of telcos, the Spanish effort is the first to combine the expertise of a wireless operator and banks.

José María Álvarez-Pallete, CEO, Telefónica, says: "Digital technologies are transforming how consumers research products and then identify the best prices, promotions or discounts. This joint venture combines the partners' technical and financial services expertise to create an ecosystem for the benefit of both retailers and consumers."

Caixa is the host of next month's MobeyDay in Barcelona, which will play host to mobile banking professionals from across Europe for a day of debate and disucssion on mobile monetisation.

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