Metro Group Invests In UK Mobile Payment Startup Yoyo Wallet
Metro Group has announced that it has invested in Yoyo Wallet, a London-based mobile payment and customer engagement platform.
Metro’s investment was made by its digital unit, and ‘demonstrates its continued strategy to back digital business models helping hospitality and retail businesses improve their earnings potential through advanced digital tools’.
Hansjörg Sage, General Manager at the digital unit of Metro Group, said, "Yoyo has convinced a growing number of customers to deploy its data-driven payment and loyalty marketing solutions, including most recently, Caffè Nero, the third largest coffee retail chain in the UK.
“As digitisation becomes mainstream in hospitality, Yoyo’s technology is a strong candidate for currently untapped market segments. As part of our engagement, Metro intends to contribute to this deployment.”
Quick & Easy
Yoyo’s technology provides customers with a fast and simple-to-use payment system on their smartphone.
As a result of Yoyo’s technology, retailers will experience quicker checkout speed, lower cash handling costs as well as being able to “get to know” their customers and provide personalised rewards and offers on their customer’s phone, either at point of sale, or at any point of time through the customer relationship.
Alain Falys, Co-Founder and CEO of Yoyo Wallet, said, "Yoyo is now delivering proven benefits to a rapidly growing number of retailers and their customers in universities, corporate campuses and on the high street. We know consumers are spending more than three hours a day on their smartphones and we also know 40% buy more when subject to a personalised shopping experience. Yoyo simply provides retailers with an accessible way of tapping into these behaviours.
"This new funding will allow us to provide the benefits of mobile payment, customer identification and engagement to a wider array of retailers, large and small, in the UK and across Europe. We could not have found a better combination of Investors to support us through this next stage of growth."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O’Sullivan. Click subscribe to sign up to ESM: The European Supermarket Magazine.