Yoyo Wallet launches in Singapore; declares war on Android and Apple Pay

Yoyo Wallet, the European mobile payments and rewards app, is expanding to Asia with Singapore as its first port of call.

Alain Falys, CEO of Yoyo Wallet, is unfazed at the prospect of going head-to-head with the likes of Samsung, Android, and Apple Pay. He says Yoyo will be the first in the market to combine payment with loyalty and provide real value to both retailers and consumers.

The startup is rather late to the party. Apple Pay launched in Singapore in April, and both Android and Samsung Pay went live last month. Yoyo Wallet initially only works at one location in Singapore – at Foodclique, a food court at the National University of Singapore (NUS).

“Apple Pay, Samsung Pay, and PayPal constantly look for novelties. However, none of the major players are providing additional value that’s beneficial for customers or retailers beyond the actual purchase,” he says.

Loyalty cards

Payments using Yoyo Wallet are processed via a QR code on the app which is scanned by the shop assistant at the cash register. For every transaction done through Yoyo, users collect loyalty points and personalized discounts and offers.

The Yoyo Wallet team

“Yoyo is not about mobile payment alone. The payment is an enabler to a new buying experience where loyalty is automated and personalized: no more cash, paper stamp cards, loyalty cards or even paper receipts,” outlines Alain. “In every environment where Yoyo is accepted, Yoyo typically enjoys the highest share of checkout (30-plus percent) versus cash, cards, contactless, or Apple Pay.”

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 9 AM and send them individualized promotional offers.

The startup claims its use of big data and targeted communications helps significantly in driving footfall and sales.

Yoyo Wallet is cagey regarding growth plans in Asia but says it plans on using Singapore as its hub. Expansion to other countries will only take place after success in the city-state, it adds. Figures pertaining to how much cash it plans on investing were not revealed.