Telefónica has announced its digital joint venture with CaixaBank and Banco Santander is to be called Yaap and will offer two services to the enterprise market in Spain.

The operator said the JV plans to launch Yaap Shopping and Yaap Money “in the coming months” as it looks to market itself as a technology partner to the country’s small and medium sized business community.

Yaap Shopping aims to become Spain’s largest customer loyalty network by operating a “virtual showroom” where stores can interact with potential customers.

The service will help SMEs to add digital elements to their commercial activity in the form of discounts, offers and loyalty programmes.

“It's free, digital, dynamic and direct” according to the website www.yaap.com

However, it also claims to be more than just a promotional tool by enabling SMEs greater flexibility in sales forecasting and stock management, for example.

[Read more: Europe needs a “digital wakeup call” says new Telefónica exec]

Meanwhile, Yaap Money is a peer-to-peer service that will enable people to send money from one mobile device to another.

Both services run on open platforms meaning anyone can use them, regardless of the bank or network operator they use.

The three companies unveiled the JV in May last year, claiming it to be the first such alliance in Europe between financial institutions and an operator.

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