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Making the announcement at Money20/20 Las Vegas this week, Yoyo also announced it had hit more than 700,000 users, with over 370,000 monthly active users, a 75% increase in just six months.
Yoyo has continued to expand beyond the education and corporate catering sectors to move onto the high street, working with major retailers including Planet Organic and Harris + Hoole, as well as the UK’s third-largest coffee shop chain, Caffè Nero.
Yoyo’s share of total payment volume at high street chains has grown dramatically, with its app now typically powering between 10% and 22% share of overall transactions.
Speaking at Money20/20, Alain Falys, co-founder and CEO at Yoyo, asked:
“Have you ever heard of a retailer going out of its way to promote one payment method over another? Well, this is exactly what’s been happening with those retailers accepting Yoyo.
“Why? Because Yoyo isn’t just another payment method – it’s a way to create a personalised interaction with customers – the holy grail in retail!”
“Our growth in the last six months reflects an evolving understanding from retailers around what loyalty, based on consumer identity and their purchasing profile, can do for a business. Loyalty is no longer points, stamps and net loss. Through Yoyo, loyalty can now act as an engine for business growth.”
Find out what Mobile World Live had to say about Yoyo’s latest news here.