CaixaBank, Global Payments, Visa, Samsung and Arval have teamed up to form an innovation hub in Spain to jointly research and develop new payment solutions.

An investment of €5m will be made to set up and operate the Barcelona-based Payment Innovation Hub over the next three years.

The objective behind the formation of the hub is to present improved user experiences in purchases and commerce, both online and offline.

CaixaBank said in a statement: “By setting up the hub, these partners will work together on projects to generate synergies and promote co-creation and learning, building on their experience at the forefront of innovation in their respective industries.”

To jointly develop payment technology solutions, the hub is also looking to collaborate with third party research companies and institutions.

The Payment Innovation Hub will be supported by a dedicated and multidisciplinary research & development (R&D) team. Three areas, including automobiles and commerce, have been identified for research.

The statement added: “The aim is to build and establish a world-leading hub of innovation in payment technology solutions. Indeed, the partner companies behind the initiative are among the most innovative anywhere in the world in their areas of specialisation.”

CaixaBank is a major player in Spanish market for payment methods, with 15.3 million cards in circulation.

For 2016, the bank’s cards posted turnover at merchants of €33.457bn (up 14.3% against 2015), and €5.196bn in online purchases.