CaixaBank, Global Partners To Open Payment Innovation Hub In Spain

CaixaBank, Global Payments, Visa, Samsung and BNP Paribas’ subsidiary Arval have joined forces to set up Spain’s “first” payment innovation hub, according to Banking Technology.

The companies are jointly investing €5 million in the hub, which will be created to engage in new frontiers for payments in eCommerce and the internet of things. Located in Barcelona, the hub will “present society with the best possible user experiences in purchases and commerce, both online and offline.”

It will specialize in researching new commerce solutions for emerging consumer habits, starting off in three areas: solutions for connected cars; domestic applications, particularly the internet of things (IoT), and commerce.

There will also be opportunities to collaborate with third-party research companies, such as startups, SMEs and major corporations, as well as institutions. The hub will have its own custom-designed offices, including areas to host regular masterclasses. CaixaBank says the investment of €5 million have been earmarked over the next three years to get it up and running.