According to Alpha Resource Partners, in an effort to boost revenues and offer discounts and incentives to a potential customer base of hundreds of thousands, two banks and one telecommunications giant in Spain have launched a new joint venture called Yaap.
CaixaBank, Santander and Telefonica say the primary objective of the platform is to create and provide pioneering digital services that make people’s everyday lives simpler and will launch two new services later this year called Yaap Shopping and Yaap Money.
Yaap Shopping will take the form of a virtual showroom in which retailers will be able to interact with hundreds of thousands of potential customers and, according to analysts at Alpha Resource Partners, Yaap will offer small businesses, a sector with limited online presence, an opportunity to reach more consumers.
“This will help them to update and add e-commercial elements to their existing commercial activity. Through this venture, SMEs will have the ability to offer their customers discounts and loyalty programs in order to grow sales and revenue,” said the Alpha Resource Partners analyst.
Yaap Money will revolve around the provision of financial services including the transmission of money from one mobile device to another in a safe and secure manner.
Both solutions will be made available to all customers and retailers regardless of who their telecommunications or banking service providers are.
“We see this kind of venture becoming more common place in individual countries as more companies with the resources to market them vie for a slice of the e-commerce market especially that portion related to online shopping,” concluded the Alpha Resource Partners analyst.
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