Mobile payment and loyalty platform Yoyo Wallet integrates with Starling Bank

In a further illustration of Starling financial institution leaping on the Open Banking/PSD2 train earlier than law in the U.k. and Europe next 12 months will force banks to accomplish that, it is launching its latest API partnership: this time with Yoyo wallet, the U.ok.-based mostly mobile fee and loyalty platform.

the new integration sees Yoyo use Starling’s Open Banking-compliant API to let you hyperlink your Starling checking account to your Yoyo pockets so that on every occasion you pay at one of Yoyo’s retail companions using your Starling financial institution card, you instantly assemble any loyalty facets on offer. This skill that you simply don’t should remember to pay using the Yoyo app (or, presumably, a retailer’s white labelled version), which in any other case requires opening the app and scanning a bar code.

here’s how it works: To begin linking your Starling account to your Yoyo account, you open the Yoyo app and are requested to scan your Starling card the usage of your cellphone’s digicam, like you broadly speaking do to add any card as a payment option to Yoyo pockets. despite the fact, during this instance, Yoyo will know you bank with Starling and ask to you to authenticate with Starling and furnish it permission to entry definite information out of your Starling account.

once you’ve completed so, any time you use your Starling card at Yoyo-accepting excessive highway merchants, you immediately earn retailer-particular loyalty aspects, which can be exchanged for rewards, discounts and presents. Yoyo’s retailer partnerships consist of excessive highway chains similar to Planet organic, Fernandez & Wells, Wrap It Up and HOP Vietnamese.

greater broadly, this speaks to Starling bank’s “market banking” vision: the idea that your bank will come up with access to a call of third-celebration cash-related apps and capabilities. despite the fact, for now as a minimum, Yoyo is with ease using the Starling API and the partnership doesn’t see Yoyo pockets listed within the Starling industry portion of the Starling bank app (youngsters I’m advised here’s coming) and Yoyo wallet’s item level receipt statistics doesn’t reveal up in the Starling financial institution app, both.

This makes it a an awful lot less deep integration than Starling’s contemporary partnership with Flux, which additionally offers merchandise stage digital receipts and shortly retail loyalty classes. That may exchange, of path, and i wouldn’t be surprised to see Yoyo greater deeply integrate with Starling at a future date. in spite of everything, Starling’s marketplace banking method is to accomplice in every single place to create a network effect on either side of its market where the app becomes extra valuable the more users and companions/integrations it adds.

along with Flux, and now Yoyo pockets, it has additionally built-in to varying degrees with offers platform Tail and discount rates app Moneybox. in the meantime, a partnership with TransferWise become announced in March however has yet to peer the gentle of day.

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