Sybase 365 will help develop Telefónica's mWallet which will be the gateway for its customers to a wide range of mobile financial services.

The mWallet, provided by Sybase 365, will be a virtual wallet which will offer a convenient and secure way of accessing a range of services from a stored value account through to payments and peer-to-peer transfers. It will be capable of storing prepaid, debit, credit and loyalty cards, thereby simplifying online purchases. And as NFC technology becomes more widespread it will be possible to make payments directly from the wallet via compatible handsets and point of sale terminals.

"The mobile wallet lies at the heart of our financial services strategy and it is crucial that we deliver a strong, simple and secure user experience to our customers," said Joaquín Mata, Head of Financial Services at Telefónica Digital. "Sybase 365 is a leader in its field whose expertise will be a key element in helping us bring the best customer experience to market."

The partnership with Sybase 365 is the latest development as Telefónica builds its global capabilities in the mobile financial services space.

"With the ongoing convergence of technology and agreement amongst key players in the ecosystem, mobile commerce services are a fast developing global phenomenon," said Matthew Talbot, Senior Vice President of mCommerce, Sybase 365. "We are very excited to be partnering with Telefónica to provide such a comprehensive mobile wallet offering. This is a great example of how mobile operators, financial institutions, enterprises and merchants collaborating with innovative technology built with the needs of the end customer in mind can extend mobile financial services to millions around the world."

Mata continued, "It is crucial that we assemble around us the best possible technology partners to power our mobile financial services products. Through partnership we can bring g the best experience to our end useer customers."

Telefónica expects to see the first commercial wallet services launching in Latin America and in Europe during the first half of 2012.