Spanish banks and telco start digital commerce JV
Bid to become country’s biggest customer loyalty network
Spanish banks CaixaBank and Banco Santander have started a digital services joint venture with telco Telefónica.
The partners say the Yaap JV will create new global and open digital services “that improve people’s everyday lives”.
In the upcoming months, Yaap plans to launch two new services – Yaap Shopping and Yaap Money.
Yaap Shopping is a virtual showroom where thousands of stores can interact with hundreds of thousands of potential customers.
Yaap says it 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.
The Shopping solution is designed to enable SMEs to offer customers discounts, offers, and loyalty programmes in order to increase sales and revenue.
It is an open platform available to all users regardless of their bank or mobile operator. It 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.
Yaap is also launching a second service called Yaap Money, a peer to peer offering to enable people to send money from one mobile device to another. It will also be an open service, available to everyone, independent of their banking entity or telco operator.