UK App Yoyo Wallet Comes To Singapore, Offers Payment Via QR Code

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Yoyo Wallet, the European mobile payments and rewards app is making a late entry into Asia, using Singapore as its foray into the region, reports Tech In Asia.

Yoyo Wallet will join an already crowded space, filled with Samsung Pay, Apple Pay and Android Pay, but claims that it will be the first platform in the market to combine payment with loyalty and provide value to both retailers and customers.

Yoyo will initially only work at Foodclique, a food court at the National University Of Singapore. In the UK, Yoyo Wallet also has presence at numerous universities, offering students an e-payment option for their lunches.

How Does Yoyo Wallet Work?

Payments made using Yoyo Wallet are processed via a QR Code on the app which is then scanned by the shop assistant on the cash register. For every transaction made through the platform, users can collect loyalty points and personalized discounts.

Yoyo wallet launches in Singapore

Source: visaeuropecollab.com

The payment itself is an enabler to a new buying experience where loyalty is automated and personalized. The platform want to move away from cash, stamp cards, loyalty cards and paper receipts.

Alain Falys, CEO of Yoyo Wallet states that the platform typically enjoys the highest share of checkout (30%) versus cash, cards or Apple Pay.

Yoyo Wallet also provides insights for retailers. The platform offers Yoyo Engage, a web tool that aims to help companies understand their consumers better, along with tools to assist in engagement. An example of this feature would be a merchant using this tool to target customers that prefer drinking lattes before 9am, and sending out personalized promotional offers. The platform leverages from big data and targeted communications to drive sales, and it’s effective.

Like a lot of Western startups cautiously experimenting with Asia, Yoyo Wallet plans to use Singapore as a hub, and will consider expansion in other Asian countries once it strikes gold in Singapore.

A version of this appeared in Tech In Asia on July 13. Read the full version here.