UK-based payments company Yoyo entered into a partnership with Mastercard to offer combined payments and customer loyalty offerings to retail and bank customers.

In a blog post, Yoyo said it will work with Mastercard’s Pay by Bank payments app to offer in-app purchases with Yoyo retailers.

Users will be able to use the app in physical stores, with customers collecting retail-specific loyalty and digital receipts, rewards and offers. Yoyo added customers will have access to targeted campaigns tailored to their habits and shopping preferences.

Mastercard’s payments app was created by its VocaLink payments systems unit, allowing customers to make payments from their bank account.

Yoyo explained the partnership will provide banks and retailers with access to an “unparalleled level of anonymised payment” and data through its platform, as well as ensuring full protection of payments.

The company’s CEO Michael Rolph (pictured, right) added: “We’ve always believed that adding both security and value to the payments process is crucial for the future of bricks and mortar retail and this partnership is going to significantly enhance the customer experience for Pay by Bank app users.”