European Commission okays mobile payments venture in Spain
A new venture that focuses on the future of mobile commerce in Spain has been approved by the European Commission. This endeavour will take the form of hard-hitting digital advertising as well as secure retail cash payments and money transfers online for most users.
The project will be a joint venture between Telefonica, a telecommunications company, CaixaBank and Banco Santander. The European Commission has approved this endeavour among the said entities since it has valued the fledging impact of electronic commerce in Spain.
Despite the presence of competitors in the growing field of e-wallets and in particular the highly known presence of Google in the area of digital advertising, the Commission has decided to approve the creation of this mobile commerce.
The two banks involved in this joint venture are Caixabank which is controlled by La Caixa-Caja de Ahorros, Spain's largest financial institution and Banco Santander considered to be one of the largest bank in the Eurozone.