A venture backed by Telefonica has released Yaap money, an app that allows mobile users to send and receive money without needing to know one another’s bank account details, just mobile number, Facebook or Twitter user name.
The new money transfer service is offered by a joint venture also called Yaap, which is owned by Telefonica and two Spanish banks – CaixiaBank and Banco Santander.
The app is available for both Android and iOS devices.
Once a user installs the app, they link it to a credit card in order to make transfers. Telefonica said the service is open to any users, regardless of bank or mobile operator.
Yaap told Mobile World Live that the money service is initially available in Spain while the idea is to extend it to other markets, although there is no date for that yet.
Yaap CEO Carlos Beldarrain talked up the simplicity of the money transfer service by saying: “Yaap money is the chat of money transfers; instant and safe.”