Telefónica and Caixabank have exceeded 400 million euros at the end of the 2022 financial year in their joint device rental business, launched in 2021 when Movistar once again offered subsidized terminals.

The volume of operations that include these subsidized terminals reached 405 million euros, more than double the previous year, when it was 186 million euros, although this figure is influenced by not covering the full year, according to the annual report of the Telefónica Group consulted by Europa Press.

The business of both companies is articulated through a ‘rent to rent’ agreement between Telefónica and Caixabank, in which the operator signs the terminal loan with the financial institution and in turn signs it with the client.

This operation represented 19 million euros in financial expenses for the group, according to the aforementioned report. To strengthen their alliance in devices, the companies launched the Telefónica Renting subsidiary last September, which began operating at the beginning of 2023.

On the other hand, the operator also allies with Caixabank for the rental of equipment such as routers and decoders, a business that generated a volume of 82 million euros in 2022, 10.8% less than in the previous year.

The growing sale of electronic devices after the pandemic has become one of the great life savers for the income of the large telecommunications operators.

In the case of Telefónica Spain, the firm had a turnover of 548 million euros, 37.4% more than in the previous year, when this vertical had already grown.