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Mobile Payments

Mastercard, Yoyo team up to bring Pay by Bank app to retail and bank customers

Wednesday 5 June 2019 | 09:52 AM CET

Mastercard’s Pay by Bank app has entered into a strategic partnership with Yoyo to deliver a streamlined payments experience to its customers.

Under the partnership, Yoyo and mobile payments service Pay by Bank app (PbBa) will deliver a combined payments and customer loyalty offering to retail and bank customers in 2019.

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 tailored to their habits and shopping preferences.

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

Yoyo’s API enables its banking and retail partners to combine payment with personalised loyalty, campaigns, rewards, and offers, as well as to deliver digital receipts to more than 1.5 million users by identifying purchase and product preference behaviour through the POS.

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