Telefonica has signed an agreement with Santander and CaixaBank to create a joint venture that will develop new businesses based on the latest mobile and communication technologies.
The new company will start its activities with the development of an online community though which merchants will offer discounts to consumers. The joint venture will also develop a digital wallet to use for store and online purchases and for person to person mobile payments.
The company intends to start operating in Spain before expanding internationally in the short term. The agreement sets the foundation for the addition of new partners that could speed its international growth and for other entities to offer the new company’s services. It is subject to approval from competition authorities.