British payments and loyalty firm Yoyo has collaborated with Mastercard’s Pay by Bank app (PbBa), enabling purchases on the high street through the Mastercard app for the first time.
Developed by Vocalink, PbBa allows one to make payments via mobile banking app directly from a bank account.
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On the other hand, Yoyo combines mobile payments with automated rewards.
Yoyo currently has a user base of over 1.5 million and is said to process three million transactions on a monthly basis.
The integration of the two platforms will offer retail and bank customers access to a combined payments and customer loyalty offering.
Through the partnership, users will be able to pay in stores through PbBa and receive retail-specific loyalty, rewards, and offers.
The offers will be personalised based on users’ shopping habits.
According to media sources, the partnership between the two firms will also make payments more secure with the combination of PbBa’s bank grade security and Yoyo’s double tokenisation technology.
Yoyo CEO Michael Rolph said: “We’ve always believed that adding both security and value to the payments process is crucial for the future of bricks and mortar retail, and this partnership is going to significantly enhance the customer experience for PbBa users.
“The combined Yoyo and Pay by Bank app proposition will provide both customers and retailers with added speed and security at the point-of-sale, as well as an omnichannel payment and loyalty experience that is unrivalled in the market.”
