There were continuous speculations as to who will dominate the market when Android Pay launched in Singapore just few days after Apple Pay and Samsung Pay. Well before you arrive at a certain conclusion, don’t forget to take into consideration the entry of the new player — European mobile payments app Yoyo wallet — in the race.
Just like other payment platforms, Yoyo expands to Asian region by first setting its foot in the budding fintech industry of Singapore.
Alain Falys, CEO of Yoyo Wallet said that their wallet will be the first in the market to combine payment with loyalty and provide real value to both retailers and consumers. At first, the wallet will be ready to use only at Foodclique, a food court at the National University of Singapore (NUS). Then gradually it will be made available at other destinations across the city.
Apple Pay, Samsung Pay, and PayPal constantly look for novelties. However, none of the major players are providing additional value that’s beneficial for customers or retailers beyond the actual purchase,
Alain further commented.
Apple launched its payment wallet in April this year, while Samsung Pay and Android Pay set foot in the market just last month. The digital wallet platform distinguishes itself from other platforms as it allows users to purchase goods by scanning a QR code instead of using the NFC technology. The merchant/shop owner will scan the QR code generated by the app and the payment will be made. Also for every payment made via Yoyo, customers will receive personalized discounts, offers and loyalty points(very much alike Paytm in India).
To benefit the shop owners, the wallet platform also offers Yoyo Engage — a web tool which lets them understand consumer behavior and how they can improve customer engagement. Yoyo Wallet attributes the rise of footfalls and sales to the use of big data and targeting communications. Currently, the company wants to focus on establishing itself in Singapore and will plan expand to other Asian regions later.
We’ve contacted Yoyo Wallet for a comment on the Asian expansion and will update you once we hear back from them.