Yoyo wallet

This week I decided to write about Yoyo wallet. The knowledge of that kind of convergence is really beneficial, because Yoyo wallet is used as one of the payment methods at our University.

yoyoyoo

Yoyo wallet is a platform which provides a possibility to make a payment for your food or coffee via mobile phone without any additional fees. All you need to do is to match your credit card with the app and you can eat and drink without carrying the wallet, only your phone. By using the app you get some points and then win a reward — chocolate bar, soft drink or even a hot meal for free.

Yoyo wallet was launched in 2014 across 32 food and drink outlets at Imperial College London (http://www.imperialinnovations.co.uk). Since the app’s launch, the company has signed a total of 26 Universities and 40 head office corporate catering locations, and the app is being used at over 600 retail sites.

Yoyo wallet makes a transaction between retailers and consumers simpler, because it provides retailers a possibility to accept in-store mobiles payments and also captures the purchasing habitats of the customers.

Yoyo Wallet is the fastest growing and largest multi-retailer mobile wallet in the UK and recently won Retail Systems’ 2015 Mobile Technology System of the year (http://uk.reuters.com).

Some people believe, that we will all use our mobiles to pay in the end.

What do you think about the future of mobile payments? Are we entering a cashless future?

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3 Comments

  1. This is definitely an interesting point about whether or not we will go cashless in the future. I believe that we are definitely gravitating towards this route, and that people these days are all about convenience. More and more people are using apps such as this one to pay for food, coffee etc., and also the tube. I know lots of people use Apple Pay and scan their phone instead of using their oyster card. I do, however, find it hard to believe that we will go cashless totally. It does not seem feasible, because for example some people cannot afford smartphones. If businesses start not accepting cash, how will these people pay?

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  2. I feel this is a very unique and unusual example which expresses how convergence is integrating into every aspect of our life. The app seems convenient, easy to use and could have the potential to become the only way we pay in the future. However, I agree with the pervious comment and feel the app could not be the only payment method. Their are many implication associated with this way of payment, such as losing your phone and how would the app be able to ensure card details are protected? In which I feel this form of payment will become more popular but not the only way we pay in the future.

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  3. Yoyo wallet lets me think about Apple pay and Samsung pay. But I think there are several problems of the new payment methods. For example, how can these companies guide users’ payment habits. Because people are quite used to paying by card directly. Also, users have to link credit cards to mobile wallet. How much can users benefit from the process. In addition to saving time, what’s the other motives?

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