The partnership, which will address Telefónica’s European footprint, will see the companies partner across new innovative services including mobile wallet, contactless payments and mobile services for mobile point of sale.
Telefónica and Visa Europe have already established a similar relationship in Ireland, and will build on the agreement Europe-wide. Visa Europe will also be established as Telefónica’s preferred partner for the development of payment services.
As part of a push by the Spanish-based telecoms operator to increase services in the digital space, Telefónica has recently launched mobile payment services in the UK and is working to launch similar services across its footprint.
In a separate development, the Financial Times reports the UK’s largest operators are set to launch Europe’s first joint mobile payments platform.
The system, which works as a single platform to be used by retailers, banks and financial services, and allows phones to be used as mobile wallets, could gain regulatory approval as early as this summer.
It is thought Vodafone, Telefónica’s O2 and Everything Everywhere are heralding the initiative, but there are concerns by rival operators that the platform could give monopolistic powers over the mobile payments industry.
The UK’s largest operators are thought to be well advanced over rivals to establish separate mobile wallet services, and approval for the platform would bring considerable advantages to consumers.
