MADRID, June 6 Spain's telecom firm Telefonica
on Tuesday launched Movistar Money, a consumer loans
service available in its Spanish home market, in a move into
online financial services aimed at diversifying its sources of
The loans, ranging from 600 euros to 3,000 euros
($675-3,375), will be pre-approved and distributed online
without the need to provide any documentation. The money will be
made available within 48 hours, the company said.
The service will be initially directed at customers whose
phones have already been financed through Telefonica's consumer
finance unit but the group plans to open it up to more of its
around 40 million Spanish customers in the future.
Telefonica Consumer Finance is co-owned by Spanish lender
Caixabank, one of Telefonica's main shareholders.
It is not the first time telecom firms have offered banking
services in Spain as French competitor Orange is
already providing secure mobile payment services to its local
clients and now wants to move into the insurance business.
($1 = 0.8890 euros)
(Reporting by Andres Gonzalez; Editing by Julien Toyer, Greg