The Commission approved the creation of a joint venture between Telefónica, a Spanish telecommunications operator, and two Spanish banks CaixaBank, controlled by La Caixa-Caja de Ahorros, and Banco Santander. The joint venture develops a virtual community for merchants and consumers in Spain providing services, such as communication of discounts, digital advertising and data analytics services to merchants, as well as digital wallet services and peer-to-peer payment functionality to consumers. The Commission investigated the effects of the transaction on several markets, such as the provision of digital wallets and the provision of digital wallet services including peer-to-peer payment functionality, where the parties’ activities overlap horizontally or vertically with the joint venture. The Commission found that in all the investigated markets sufficient competition either already exists or new competitors are very likely to emerge in the near future. Therefore, the Commission concluded that the creation of the joint venture would not significantly impede effective competition in the EEA or any substantial part thereof. Source: Commission Press Release 14/08/2013