The Telefónica company is working with the BBVA bank to roll their Movistar financial money in Colombia, which was launched in Spain together with the Caixabank. This was reported by Valora Analitik.
According to an article published by this medium, the telecommunications company and the bank have notified the European Commission of the project of a “joint venture”, according to the European competition documents.
“”As in Spain, Movistar Money will offer consumer credit to customers of the operator (…) and in amounts between 5.5 and 11 million Colombian pesos (1,240 and 2,480 euros at the current exchange rate) ”, they explained.
It should be noted that BBVA and Telefónica have a relationship that goes back years. “As early as 2004, they began jointly managing mobile payments to Latin America through the international subsidiary Mobipay, after Santander, Vodafone and Amena left their original stake in the project,” they explained in the article.
In addition to Argentina and Peru, the Colombian subsidiary belongs to BBVA’s South America region.
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