Telefonica launches new venture to promote mobile commerce in Spain
Telefonica, a leading Spanish telecommunications company, has announced a new partnership with CaixaBank and Santander in order to create a joint venture that aims to develop a new mobile banking solution that include launching a mobile wallet service for consumers. Mobile commerce has been showing strong growth throughout Europe, leading many telecommunications companies to make their way into this space in order to meet the changing needs of consumers. Banks have also been taking note of this trend and have been following in the footsteps of telecommunications companies.
Joint venture may be the largest of its kind in Europe
Telefonica claims that its new joint venture is the largest of its kind in Europe and suggests that the endeavor will help make mobile commerce more common in Spain. The initial stages of the joint venture are meant to target more than 600,000 businesses in Spain, offering these businesses various mobile commerce services that will allow them to engage consumers in a more dynamic way. The joint venture will eventually see international expansion as it becomes more popular.
Mobile wallets are gaining consumer support
The mobile wallet associated with the joint venture will serve as a platform to allow consumers to make mobile payments for goods and services. It will also facilitate person-to-person money transfers. Mobile wallets have been growing in popularity among consumers as they offer a convenient way to store and use financial information without having to deal with a variety of plastic cards or cash. While mobile wallets have been met with modest interest in the U.S., European consumers have proven to be more accommodating of these applications.
Telefonica continues to support mobile commerce
Telefonica has experience in the field of mobile commerce and CaixaBank and Santander are not the first banks to partner with the telecommunications company in this field. Telefonica has been one of the chief supporters of mobile commerce in Spain for the past few years and has been working aggressively with many banks and financial service institutions to develop convenient platforms for consumers.