Starling Bank partners with Yoyo Wallet
Written by Chris Lemmon
Starling Bank has entered into a first-of-its-kind partnership with Yoyo Wallet, enabling its customers to automatically benefit from retailer-specific loyalty programmes each time they pay with their Starling card.
Yoyo currently delivers a mobile payment and loyalty app for consumers at more than 2,000 retail outlets across the UK and Ireland. At the same time, Yoyo provides retailers with the tools to better engage, reward and retain their customers via mobile, and to personalise the loyalty experience by linking a consumer’s individual profile to their basket data.
Through the new deal, Starling customers will instantly earn retailer-specific loyalty points when they pay using their bank card at Yoyo-accepting merchants.
Starling says is the first UK bank to be fully compliant in preparation for PSD2 – the EU-wide directive that will enable consumers to choose which third party providers they share their data with, helping to improve competition in the finance and payment sectors.
Anne Boden, CEO, Staring Bank, said: “The past four months have seen us launch our Marketplace and partner with such an array of innovators in FinTech. Our partnership with Yoyo only serves to reinforce our core vision to empower consumers, reward our customers and reduce the day-to-day burdens of personal finance.
“Together, Starling and Yoyo can demonstrate to the industry the importance of Open Banking that puts customers first. We are excited to be leading the changes in the industry ahead of the incoming regulations in the UK and Europe in 2018.”
Alain Falys, CEO and co-founder of Yoyo, added: “Open Banking will see the consumer banking experience take a massive leap forward in January, and Starling and Yoyo are the two FinTech companies leading the way in this new and exciting space – a space that is still largely unexplored for many in our industry.