Mobile challenger bank Starling Bank integrates Yoyo Wallet loyalty rewards on card payments

23 November 2017

Starling BankStarling Bank, a mobile-only challenger bank licensed by the UK’s Financial Conduct Authority, has entered into a partnership deal with Yoyo Wallet, backed by Taavet Hinrikus and TransferWise, over integration of their platforms to allow cardholders of Starling Bank to enjoy loyalty benefits coming with the payments made on Yoyo Wallet.

Under the terms of the deal, customers holding Starling payment cards will be able to connect their cards to their mobile wallets provided by Yoyo Wallet and, as such accrue loyalty points offered by high street retailers in the United Kingdom every time they make a payment on the card.

In order to link their cards to the mobile wallet account users just need to scan their Starling card by their smartphones into Yoyo mobile app the same way as they regularly do it. The new feature coming with this partnership, however, is that users will be asked to authorize access for their information from the bank account. It comes within the framework of the Open Banking scheme to be in force starting next January. Open Banking represents permitted access for third parties to the account information, including balances and transactions with the ability to make payments on behalf of account holders based on their permission.

Speaking for Starling Bank, its CEO Anne Boden noted that within the four months Starling Bank has successfully launched its own Marketplace and has entered into a number of deals with fintech startups. The new cooperation with Yoyo comes in line with the bank’s strategic mission to provide convenient services for their customers while allowing them to gain rewards and incentives. Boden believes that together with Yoyo they will successfully demonstrate the benefits of Open Banking.

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