Telefonica to launch money transfer service with CaixaBank, Banco Santander

CaixaBank, Banco Santander and Telefónica on Friday announced that they will be launching the money transfer service within the next few months.

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 go live in the coming months bringing together thousands of stores into one service with the objective of becoming Spain's largest customer loyalty network," the company said in a statement.

"Yaap offers digital solutions for small businesses, a sector with limited online presence, and helps them to modernise and add digital elements to their commercial activity," it said.

Through this solution SMEs will be able to offer customers discounts, offers, and loyalty programs in order to increase sales and revenue.

"With Yaap's easy to use technology, neither stores nor customers will need to change their shopping routines and habits. Furthermore, Yaap Shopping will be an open platform available to all users regardless of their bank or mobile operator," a release said.

Yaap will also launch a second service in the upcoming months called Yaap Money. This peer to peer service will enable people to send money from one mobile device to another. Yaap Money will also be an open service, available to everyone, independent of their banking entity or telecommunication operator.