CaixaBank, Santander and Telefonica have announced the set up of a joint venture that will develop a range of digital services.

The venture will see the banks and Telefonica work together to create mobile and communications technologies in Spain initially, moving further afield in the future.

Beginning the co-operation with an online community designed to help retailers connect their customers to offers, discounts and promotions, the venture aims to launch a digital wallet.

The wallet would allow customers to store their cards and serve as identification in stores and online. A peer to peer payments feature will allow transfers between friends and family.

José María Álvarez-Pallete, CEO, Telefónica, says: "Digital technologies are transforming how consumers research products and then identify the best prices, promotions or discounts. This joint venture combines the partners’ technical and financial services expertise to create an ecosystem for the benefit of both retailers and consumers."

The partners hope that other firms will join the venture to help develop more services internationally.

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