Yoyo and Mastercard’s Pay by Bank team up
A new partnership between UK-based payment and loyalty marketing platform Yoyo and Mastercard’s mobile payment service, Pay by Bank, intends to bring a new, secure and fast payment option – and merchant-specific, personalised rewards – to high street retail. David Penn from Finovate reports.
The new offering is expected for later in the year for both retail and bank customers. It will enable users to make transactions using Pay by Bank in physical stores, and earn retail specific loyalty, rewards, and other personalised offers.
Pay by Bank was developed by Mastercard’s Vocalink division and enables consumers to make payments from their bank account via their mobile banking app without requiring additional password verification. Launched in 2016, the app offers bank grade security which, combined with Yoyo’s double tokenisation technology, keeps payment data and user identity protected.
Yoyo CEO Michael Rolph claims the partnership will bring “an omnichannel payment and loyalty experience that is unrivalled in the market”.
With more than 1.5 million users – including 750,000+ active monthly users – and processing three million transactions a month, the company has recently announced that former Mastercard executive David Yates would join Yoyo as chairman.
In April, the company partnered with Paul UK to help the French bakery launch its first mobile payments and loyalty app. Yoyo began 2019 teaming up with SOHO Coffee to build a payments and loyalty solution for the artisan coffee chain.
Founded in 2013, Yoyo has raised $60.3 million in funding. SOSV and Hard Yaka are among the company’s investors.