Yotta Pay
- Founded
- 2019-01-01 in Swansea, Wales, United Kingdom
- Headquarters
- Swansea, Wales, United Kingdom
- Phone
- +44 747-9342882
Yotta Pay is a UK-based ethical payments processor and customer engagement platform that enables merchants to accept payments online and face-to-face while building customer loyalty. Founded in 2019 and headquartered in Swansea, Wales, the company positions itself as a performance-based alternative to traditional card payment systems, claiming to reduce merchant processing fees by up to 90% by using open banking and account-to-account transfers instead of card networks. Yotta Pay operates an omnichannel commerce suite integrating POS, online checkout, gift vouchers, instant transfers, referral programmes, and a personalised loyalty system, all managed through a single merchant app. The platform is designed for retail, restaurants, e-commerce, beauty, and events businesses, serving thousands of UK merchants with fees starting at 0.19% per transaction. Privately held and employing between 11 and 50 staff, Yotta Pay reports a 96% client retention rate and a 35% average bill boost for its merchants.
Detailed Review
Company History and Founding
Yotta Pay was established in 2019 by Alexey Shmatko (CEO & Founder) to address what the company describes as the "plastic cards tax" – the interchange and processing fees levied by card schemes that, according to Yotta Pay, can consume up to 10% of a merchant's net margin. The company's core proposition is an ethical, lower-cost payment method that utilises open banking and account-to-account transfers rather than traditional card networks, thereby eliminating interchange fees and reducing environmental impact by avoiding plastic cards, paper receipts, and battery-powered terminals.
Business Model
Yotta Pay's revenue model is purely performance-based – merchants pay only when they process a transaction, with fees starting at 0.19%. The company does not disclose its revenue or funding history publicly. It processes payments via open banking and bank-grade secure transfers, and there are no long-term tie-in contracts. The platform is designed to be integrated with existing tech stacks, including e-commerce platforms.
Core Products and Platforms
The Yotta Pay platform comprises several integrated modules: a 'Commerce Suite' for omnichannel selling (in-store POS, online checkout, and mobile payments); a 'Conversion & Retention' module that includes a personalised loyalty programme, referral system, and targeted offers; and a 'Business Management' suite with advanced reporting, mobile management tools, and scalable sales team features. The company also offers 'Yotta Loyalty' – a points-based programme that lets customers redeem rewards with merchants, which is credited with boosting average spend and retention. Additionally, Yotta Pay Faster Checkout enables instant account-to-account payments using open banking, and a free consumer contactless payment app is available on Android.
Market Position and Clients
Yotta Pay is used by thousands of UK businesses, ranging from barbershops and restaurants to larger enterprises like Server Factory (whose COO reported immediate conversion improvements after integration). The company claims a 96% client retention rate and 35% average bill boost for its merchants. It positions itself as an ethical alternative to traditional card processors, targeting businesses that want lower fees and better customer engagement.
Partnerships and Compliance
Yotta Pay's open banking partnership with Yapily (a UK-based open banking platform) is confirmed by a 2022 case study that names Alexey Shmatko as CEO & Founder and outlines Yotta Pay's use of open banking to initiate payments directly from customer bank accounts. The company is certified to high compliance and security standards, though specific accreditations are not detailed on the public website.
Disambiguation
Despite the shared name, Yotta Pay (UK) is a distinct entity from the US company Yotta Technologies (withyotta.com), a prize-linked savings fintech that is now defunct following the Synapse bankruptcy and has been fined by California regulators. Yotta Pay (UK) operates independently and solely focuses on merchant payment processing and engagement in the UK market.
Key Products
Yotta Pay Commerce Suite
Omnichannel merchant infrastructure supporting point-of-sale transactions, online sales, and omnichannel payments, including gift voucher sales without booking fees.
Yotta Pay Faster Checkout
Instant account-to-account payment method using open banking, enabling payments directly from a customer's bank account with bank-grade security, starting from 0.19% per transaction.
Yotta Loyalty
Personalised loyalty programme integrated with payments, allowing merchants to reward customers with points, offers, and treats, claimed to improve retention rates to 96%.
Referral System
No-admin, abuse-proof referral mechanism for merchants to acquire new clients through existing satisfied customers.
Merchant App
Mobile application allowing merchants to manage sales teams, track performance, generate reports, and access business intelligence on the go.
Yotta Pay Consumer App (Android)
Free contactless payment app for consumers to pay small businesses, service providers, and market vendors instantly using bank-grade transfers.
Conversion & Retention Module
Tools for targeted offers, enhanced tracking, and dual-way communication to personalise client engagements.
Business Management Suite
Advanced reporting, sales team management, and scalable operational tools accessible from a smartphone.
Offices & Headcount
30 employees (approx.)
Key Persons
- Alexey Shmatko
Founder & CEO