Yaap, a joint-venture between CaixaBank, Banco Santander and Telefónica, have launched Yaap money – a mobile app that facilitates the secure transfer of money instantaneously between users’ mobile phones. At the moment it’s only available in Spain, but it’s one to watch for the future.
In order to send and receive money, users of the app will not need to know bank details – just the mobile number, Facebook username or Twitter username of the person they would like to exchange money with. This experience which Yaap describes as “simple and safe”, means that the process of making small payments and repayments, such as paying back friends or splitting the dinner bill is now easier than ever before.
The app’s creators have worked hard to ensure the app matches their ultimate vision – where sending or requesting money from friends and family is as easy as sending them a message describing Yaap money as “The chat of money transfers; instant and safe”.
Yaap money is a service for everyone (at least in Spain), regardless of their bank or mobile phone operator. All that’s required is to have the mobile app installed and to link it to a credit card. With two banks and a major mobile phone operator among its partners, the security of all transactions through Yaap money is fully guaranteed, passing the strictest controls and tests prior to its release.