Yolt Tests Pay Feature and Adds New Partner

ING-owned money management app Yolt has launched Yolt Pay, a new feature that will enable users to initiate payments and move money between other users’ accounts via the app. Currently in beta, Yolt users in the UK can now send payments if they have accounts with Lloyds, Bank of Scotland, Halifax, RBS, Natwest and Ulster Bank. The company plans to add more banks throughout the year.

Yolt also recently announced a partnership with MoneySuperMarket, creating a “super slick and intuitive in-app experience” that allows users to search, compare, and switch energy providers all within the Yolt app.

“Our Reinvent strategy includes taking price comparison to other sites and apps people use every day and this is exactly what we are doing here with MoneySuperMarket-powered energy switching in Yolt.” – CEO of MoneySuperMarket Group, Mark Lewis.

On moves and countermoves – late last year BGL Group, which owns Compare The Market, acquired Bean , a UK-based money management app. This latest move by MoneySuperMarket is a worthy response considering Yolt has over 500k registered users.

Bottom Line: Expect to see insurance integration in the near future.