Telefónica SA's mobile telephone company Movistar is launching Movistar Money, an online consumer loan service, offering loans of up to €3,000 for its Spanish customers.

The service is initially available for customers who have financed a mobile phone purchase through Telefónica Consumer Finance, a joint-venture with CaixaBank Consumer Finance, part of CaixaBank SA.

The loans start at €600 and go up to €3,000 for a duration of 12, 24 or 36 months. Customers do not have to pay any fees and are granted loans within 48 hours.

French telecoms giant Orange SA is set to launch its own online banking services July 6 after acquiring a 65% stake in Groupama Banque, which was later renamed Orange Bank.