Telefonica has joined forces with financial services provider Banco Sabadell to launch a pilot of its consumer loan business in Mexico. As in Spain and Colombia, the service will be called Movistar Money and will initially be offered to select Movistar customers in the country, who will be able to request a loan of up to MXN 45,000 and pay it back via their monthly Movistar services bill, said Telefonica Mexico, without providing interest rate details.
Movistar Money will be offered to longstanding customers in both postpaid and prepaid segments, said Telefonica, adding that if the test is successful the service will be expanded to a greater proportion of Movistar clients. It described Movistar Money as the first collaboration between a financial services firm and a telecommunications operator in the country.
Telefonica launched Movistar Money in Colombia in collaboration with BBVA, while In Spain the operator’s partnership with CaixaBank granted customers over 16,000 loans amounting to a total of EUR 45 million in 2019.
