London based start-up Yoyo, wants to simply and cheaply help people pay for things with a smartphone. The company is looking to focus on London universities to draw in outside retailers, according to the Financial Times.
"The strategy is a little bit like Facebook,” Alain Falys, Yoyo’s co-founder and chief executive told the Financial Times. “What makes this work is the opportunity for retailers to increase loyalty and engagement with customers in a way that is not possible with payments made in cash or on a credit card."
Yoyo has announced that it is close to making deals similar to what Square did with Starbucks. The company hopes to form partnerships with payment system providers so their software can easily be integrated into any store.