CaixaBank, Banco Santander and Telefónica have partnered to create 'Yaap', a digital services joint venture company.
Yaap says its mission is to create "new global and open digital services that improve people's everyday lives".
In the upcoming months, Yaap plans to launch two new services - Yaap Shopping and Yaap Money.
Yaap Shopping is a virtual showroom designed to help small businesses interact with online consumers. Yaap says it will work with SMEs to improve their online presence and incorporate the use of discounts, offers, and loyalty programmes to increase sales and revenue.
Yaap Money is a P2P service for sending money from one mobile device to another.
Much like its shopping counterpart, Yaap Money will be open to all-comers, irrespective of their bank or telecommunication operator.