IBS Journal chats to Alain Falys, Co-founder and CEO, Yoyo Wallet, which has created a platform enabling retailers to both accept in-store mobile payments and deliver rewards to customers based on their purchasing habits.

Startup of the month Yoyo

IBS Journal: What’s your business model?

Alain Falys: We consider the mobile payment transaction as an enabler to a very different buying experience, where the recognition and the rewards for the customer’s loyalty is immediate (and in the app). Therefore, our business model revolves around the provision of a customised retailer loyalty programme, for which we charge a monthly fee, and marketplace transactions within the app, for which we charge a percentage fee.

IBS Journal: What sets you apart?

AF: Where Yoyo is accepted, the user engagement is high, people use it instead of cash, cards or contactless cards. Also, we have solved the chicken and egg problem: Yoyo is used in closed environments like universities and corporate canteens and is now hitting the High Street.

IBS Journal: Who or what inspired you to set the company up?

AF: The success of the Starbucks mobile app and the failure of the payments industry to make mobile relevant for retail.

IBS Journal: What has been your smartest move?

AF: Getting 50% of the largest universities in the UK and the world’s largest catering companies to accept Yoyo on their campuses.

IBS Journal: What was your biggest challenge/setback?

AF: Making retail chains realise that consumers will not download a mobile wallet or proprietary app for every retailer they shop at.

IBS Journal: Where do you want to be in five years?

AF: The largest mobile-first marketplace in the US, the UK and Western Europe.

By Scott Thompson

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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