Spain’s Telefónica enters into the financial services market
Telefónica and Caixabank launch Movistar Money, a brand new financial services company
Telefónica has unveiled a new consumer loan company co-owned by Caixabank Group the Spanish financial services company.
Movistar Money offers loans of up to €3,000 with the money made available within 48 hours. Customers use their Spanish ID number and mobile phone number as identification before selecting their loan amount and time frame for repayment of between 12 and 36 months.
The service is available to existing customers whose phones have been financed through Telefónica’s finance unit, but there are plans to open this up to all of its 40 million customers in the near future.
The move comes ahead of Orange’s new banking service, which is due to launch next month and is available to Spanish customers. Services are set to include: a current account, a debit card, overdraft protection and a savings account.
Additional products, such as credit, mortgages and insurance will be added later, while contactless mobile payments, “instant” balances, the ability to send money by SMS and an AI-based virtual assistant are also expected.