Yoyo brings Mastercard’s Pay by Bank app to the high street

Yoyo

Yoyo users will receive enhanced payment security, personal rewards and digital itemised receipts at the point-of-sale through the Mastercard-owned Pay by Bank app (PbBa).

The news comes just a day after confirmation that David Yates, former president of New Payment Platforms at Mastercard, had joined Yoyo’s board of directors as chairman.

The commerce platform has entered into a strategic partnership with PbBa, which means the mobile payments service can be used on the high street for the first time.

Created by Mastercard’s Vocalink business, which Yates himself served as executive chairman, PbBa is a new way for customers to pay from their bank account using their trusted mobile banking app, without the need to enter any additional details or passwords.

It is designed to simplify the checkout experience, giving customers more control when they make a purchase, while ensuring that individual identity and payment data is fully protected through Yoyo’s unique double tokenization technology and bank grade security.

Yoyo CEO Michael Rolph said: “We’re delighted to be working with Mastercard and Pay by Bank app. 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, SVP of Consumer Applications at Mastercard, added: “Pay by Bank app is set to shape the future of payments, as more banks and retailers offer this as an option to shoppers. We are thrilled to be partnering with YoYo to bring this revolutionary new way to pay to the High Street, putting the customer firmly in control of their finances.

“We are committed to transforming the payments landscape with this fast, secure and convenient new way to pay.”