European Commission says yes to Banco Santander, CaixaBank and Telefonica’s new digital wallet in Spain

The EC has decided that the digital services venture should go ahead, with concerns about inhibiting competition, eliminated.

Spanish telecom operator, Telefonica and Spanish banks, CaixaBank and Banco Santander will be launching various services to its members including data Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term, advertising, wallet functionality and peer-to-peer payment opportunities.

Although the EC investigated potential damage to healthy competition in the market, by introducing this powerfully-backed product, the decision is that, "there are sufficient credible alternative issuers of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term cards in Spain, therefore allowing competing digital wallet providers to continue offering peer-to-peer payments services either on a stand-alone basis or by partnering with financial institutions".

The conversation around competition was generated by Telefonica’s access to competing digital wallets on its network and by a peer-to-peer payment functionality - backed by a pre-paid virtual card issued by one of the two banks - but both have been deemed unthreatening and it seems that all is in order.

The EC also indicated that the wallet would have competition from existing parties such as Google and Yahoo and, that other fledgling wallets will surely emerge.

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