Last year Telefonica announced that were going to partner with CaixaBank and Santander. Now the company says that they will be launching the money transfer service within the next few months, according to Mobile World Live.
The program will offer two services; one will be Yaap Money, and the other Yaap Shopping. With Yaap Money, a user will be able to send and receive money via their mobile device regardless of the bank or operator. Yaap Shopping will allow small merchants to offer discounts and loyalty programs to users.
Telefonica described Yaap as the “first ever” European alliance between banks and telecommunications operators. However, the partners want to move internationally in the short term, according to a Telefonica statement last year.
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