Telefónica set to launch mobile wallet service

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Telefónica Digital tapped Sybase 365, a subsidiary of Sybase and a SAP company, to be its global, strategic partner on providing mobile wallet services, which will be the gateway for its customers to a wide range of mobile financial services. Telefónica expects to see the first commercial wallet services launching in Latin America and Europe during the first half of this year.

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The m-wallet will be a virtual wallet that “will offer a convenient and secure way of accessing a range of services from a stored value account through to payments and peer-to-peer transfers.” It will be capable of storing prepaid, debit, credit and loyalty cards, thereby simplifying online purchases.

Telefónica noted that as NFC technology becomes more widespread it will be possible to make payments directly from the wallet via compatible handsets and point of sale terminals.

In a statement, Joaquín Mata, head of financial services at Telefónica Digital, explained that the mobile wallet lies at the heart of its financial services strategy and it is crucial to delivering a simple and secure user experience to its customers.

Telefónica Digital was created last September as a result of Telefónica Group’s transformation of its organizational structure in order to “reinforce the operator’s status as a global player and lead in the digital environment.” Headquartered in London with regional offices in Madrid, Sao Paulo, Silicon Valley and certain strategic hubs in Asia, its mission is to bolster Telefónica’s place in the digital world and leverage any growth opportunities arising in the environment.

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