Mobile wallet start-up Yoyo Wallet is aiming to expand out of the university campus and into the high street through a deal with Caffè Nero, to operate the coffee chain’s new payment and loyalty programme.
Yoyo is already the UK’s most used mobile wallet, and combines that with a loyalty card, which allows users to complete transactions cash-free while being offered rewards and loyalty points from participating retailers.
The company is supported at over half of the UK’s universities, including Imperial College London and University of Birmingham, while it also has a presence in offices at PwC, JP Morgan and Visa.
Until now, Caffè Nero has only offered a paper-based loyalty card, which entitles customers to a free coffee once they have bought nine coffees and collect the stamps.
The partnership with Caffè Nero is the culmination of a relationship which started in two years when Yoyo won the Duke of York’s inaugural Pitch@Palace event. Company bosses concluded their pitch by making one simple request of the audience – an introduction to Caffè Nero founder Gerry Ford.
Yoyo will now become Nero’s office payment and loyalty strategy partner. Co-founder and CRO Michael Rolph said: “We’re thrilled to be working with Caffè Nero and evolving the role mobile transactions play for them. For us, innovation around mobile transactions should go beyond just payment, creating a better in-store experience for both brands and their customers.”
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