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Spain: Telefonica cleared for P2P payments joint venture with banks

By  |  August 14, 2013

The European Commission announced Wednesday it cleared the proposed joint venture between Spain-based telecom giant Telefonica and two of the nation’s banks. According to reports, the partnership with banks CiazaBank and Bacno Santander will form digital advertising and peer-to-peer payments services for consumers to make online payments. In its clearance, the Commission said the digital wallets market has sufficient competition even with the joint venture; further, competitors like Google also ensure healthy competition in the digital advertising sector.

Full Content: Reuters

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