BRUSSELS Aug 14 The European Commission has
cleared the creation of a mobile commerce joint venture between
the Spanish telecommunications operator Telefonica and
two Spanish banks, it said in a statement on Wednesday.
The banks are CaixaBank, controlled by La
Caixa-Caja de Ahorros, and Banco Santander.
The venture will focus on digital advertising, peer-to-peer
payments and digital wallets, which allow users to make secure
online payments to merchants, according to a Commission
The Commission, the executive branch of the European Union,
said it had assessed the potential impact of the venture in the
nascent sector in Spain and found there was already enough
competition in the field of digital wallets.
In addition, in the area of digital advertising, the
Commission found sufficient competition from players such as
Google for it to approve the venture, despite some
overlap between Telefonica and its partners.