Mobiles are increasingly becoming a way to access a wide range of financial and commercial services (m-commerce). In fact, it is estimated that users will spend over a trillion dollars via these devices in 2017 and, by 2019, 2.000 million people worldwide (27% of the population) will use one or more mCommerce services.
At Telefónica, we are convinced that the mobile has sufficient potential to transform the way in which consumers manage their finances, make payments, send and receive money or discover and cash in offers. In general, mobile payments make day-to-day life easier for people in some countries, they are an alternative to exclusion from the formal financial system.
To boost these innovative digital services, we believe a robust, extensive mobile commerce ecosystem is necessary, in which both banking and the telecommunications operators participate. Hence, for example, our alliance with the banking entities CaixaBank andBanco Santander to develop new digital businesses through the new Yaap brand.
Yaap is working on the launch of Yaap shopping, a virtual shop window in which thousands of stores will interact with hundreds of thousands of users, offering them advantages in their products or services, and Yaap money, thanks to which users will be able to send money between mobiles.
With the aim of promoting financial inclusion through mobile, Telefónica and MasterCard have partnered to implement two initiatives in the region: Zumm in Brazil and You Mobile Money in Peru. Thanks to them, send money, pay at stores or pay bills through the mobile phone is now a reality.
At present, the NFC technology, which enables technological devices to communicate with each other in proximity, is the basis of Telefónica’s digital Wallet service, to make payments, cash in coupons or access means of transport by simply waving the mobile over the payment or identification readers. In this way, your shopping experience in stores and on the internet is simpler, more convenient and more secure.
Likewise, our company offers you a cash account on your mobile (electronic money): Mobile Account enables you to send money to other people, pay bills or top up the telephone, simply by sending a message.
Telefónica also offers other financial products such as insurance policies, new means of payment through co-branded cards and the service that lets you pay with your bill, Balance advances so you are always connected, Account-coupon(coupons so you can recover part of the money of your usual bills in points or balance) and different services for companies.