Spain's telecom firm Telefonicaon Tuesday launched Movistar Money, a consumer loansservice available in its Spanish home market, in a move into online financial services aimed at diversifying its sources ofrevenue.
The loans, ranging from 600 euros to 3,000 euros ($675-3,375), will be pre-approved and distributed onlinewithout the need to provide any documentation. The money will bemade available within 48 hours, the company said.
The service will be initially directed at customers whosephones have already been financed through Telefonica's consumerfinance unit but the group plans to open it up to more of itsaround 40 million Spanish customers in the future.
Telefonica Consumer Finance is co-owned by Spanish lenderCaixabank, one of Telefonica's main shareholders.
It is not the first time telecom firms have offered bankingservices in Spain as French competitor Orange isalready providing secure mobile payment services to its localclients and now wants to move into the insurance business.