Telefonica and Spanish banks CaixaBank and Santander are setting up a new company to develop digital services, starting with an online community for merchants and consumers.

Telefonica claims the joint venture is the first in Europe between financial institutions and a mobile operator set up to create such offerings.

In addition, the joint venture will develop a digital wallet in which subscribers can keep credit and debit cards with which they can make purchases within the online community, as well as making P2P payments with other subscribers.

The new company will launch in Spain but plans to move internationally “in the short term”, given the extensive geographic footprint of its partners.

Interestingly, the venture is also open to other partners, although the announcement does not specify whether more banking or telecoms partners are preferred, or indeed the addition of companies from other sectors.

“There is a profound change happening in the way we buy things. Digital technologies are transforming how consumers research products and then identify the best prices, promotions and discounts,” said Telefonica’s Jose Maria Alvarez-Pallete (pictured).