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Loyalty ‘platforms’ set to replace loyalty cards?

13th Aug 2014
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If universities are now the proving ground for new technology, (Google, Facebook, etc etc...), then you may want to make note of the loyalty platform, Yoyo, and the potential it could have for transforming the loyalty market through new mobile tech.

Having been successfully introduced into London-based universities including Imperial College and Brunel, Yoyo has just announced it is set to go live in 62 retail outlets across the capital, having raised over $5m in angel investment earlier in the year.

Yoyo combines a mobile app for businesses to deliver loyalty rewards and simplified payments, as well as a marketing platform that delivers insights and tools to retailers who wish to target customers with relevant rewards and offers.

Recent research has shown that mobile loyalty schemes are slowly eating into the market share traditionally owned by loyalty cards, with a CloudZync survey finding that, while the average citizen has four traditional loyalty cards in their wallets, on average that person will have access to six loyalty schemes on their phone as well.

And with technology like Yoyo able to combine the loyalty aspect with easy payment and more interaction and real-time offers on the consumer side, it may only be a matter of time before mobile loyalty schemes replace the good-old plastic card.

“The customers are setting the pace,” Susan Binda, head of loyalty marketing at The Logic Group said on the topic last month. “We are using our devices for so many things now, so naturally customers want to be able to pay for things on their mobile, and they want to have their loyalty attached to their mobile too.”

Yoyo itself was founded by tech stalwarts in 2013 by Alain Falys (Founder of OB10, ex Visa), Dave Nicholson (Founder of Zopa, ex Egg) and Michael Rolph (ex PayPal, Barclaycard and First Data), with the app already in the process of being made available to 90,000 students across the capital. Having been awarded ’Best Pitch’ and ‘Most Innovative Idea’ at this year’s [email protected], the platform is currently handling an average of more than 30,000 transactions per month across 32 outlets at Imperial College London, including at café chains Fernandez & Wells and  Hummus Bros.

“Fernandez & Wells and Hummus Bros are both fantastic and innovative brands with exceptional service and product,” says Michael Rolph, co-founder and CCO at Yoyo. “Through Yoyo we can enhance their customers experience by enabling simple and fast payment whilst delivering more personal rewards.”   


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