Mastercard partners to bring Pay by Bank to the High Street
Written by Peter Walker
Mastercard’s mobile payments service ‘Pay by Bank app’ has entered into a strategic partnership with marketing and loyalty commerce platform Yoyo.
Under the partnership, Yoyo and the Pay by Bank app (PbBa) will deliver a combined payments and customer loyalty offering to retail and bank customers.
Initially available for in-app purchases with Yoyo retailers, for the first time users will be able to use PbBa in physical stores - with customers automatically collecting retail-specific loyalty and digital receipts, as well as rewards, offers and campaigns tailored to their habits and shopping preferences.
Created by Mastercard’s Vocalink business, the app is an easy and secure way for customers to pay using their trusted mobile banking app, without the need to enter any additional details or passwords.
Yoyo’s commerce Application Programming Interface (API) enables its banking and retail partners to instantly combine payment with personalised loyalty offers, as well as delivering fully-itemised digital receipts to more than 1.5 million users by identifying purchase and product preference behaviour through the point of sale.
Yoyo chief executive 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.”
Jonathan Wood, senior vice president for consumer applications at Mastercard, added: “The app is set to shape the future of payments, as more banks and retailers offer this as an option to shoppers.”