European mobile payments and rewards app Yoyo Wallet is expanding to Asia, with Singapore its first target.
Going head-to-head with Android, Apple and Samsung, Yoyo Wallet CEO Alain Falys says his product will be the first in the market to combine payment with loyalty, providing value to both retailers and consumers.
Apple Pay launched in Singapore in April, and both Android Pay and Samsung Pay went live last month. Yoyo Wallet initially works at only one location in Singapore, the Foodclique food court at the National University of Singapore (NUS).
Falys says Apple Pay, Samsung Pay and PayPal “constantly look for novelties”, but none of the major players provide extra value beyond the purchase.
Yoyo Wallet payments are processed via a QR code on the app, which is scanned at the shop cash register. For every transaction through Yoyo, users collect loyalty points and personalised discounts and offers.
“Yoyo is not about mobile payment alone,” says Falys. “The payment is an enabler to a new buying experience where loyalty is automated and personalised: no more cash, paper stamp cards, loyalty cards or even paper receipts.”
He says Yoyo typically enjoys the highest share of checkout (30-plus per cent) versus cash, cards, contactless or Apple Pay in the markets where it is accepted.
For retailers, the mobile wallet offers Yoyo Engage, a web tool that helps them understand how their consumers behave, as well as a mechanism to engage with them better. For example, a merchant can use the tool to isolate and target customers that prefer drinking flat-white coffee before 9am, and send them individualised promotional offers.