Yoyo Wallet, a mobile wallet platform targeting both individual consumers and retailers, has entered the US market.
Initially, the platform will be accessible to a few select clients, the company said, and by the end of March next year will hit the market officially.
Over a Million Users
Yoyo Wallet is the fastest-growing mobile wallet in the UK, boasting over a million users, according to the company’s press release on the launch of the US beta version. The company processes an average of 200,000 transactions a month and accounts for 65 percent of checkouts across the locations that have adopted it.
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Automation for Retailers
Yoyo claims that unlike its competitors, including Apple Pay and PayPal, it offers its clients additional benefits, besides payments processing. Retailers using Yoyo Wallet, for instance, can automate loyalty and deliver rewards to their customers based on their shopping habits by using the solution’s feature of tracking customer behavior.
A $10-million injection will fuel international expansion
Also, retailers can become members of the platform and gain access to new customers by offering deals via the Yoyo Marketplace and learn more about customer behavior.
Yoyo recently closed a round of funding worth $10 million, which will be used to fuel its US expansion as well as its growth in its domestic, UK market, where Yoyo Wallet is the second most popular mobile wallet.