Nayax Ltd., a global commerce enablement and payments platform designed to help merchants scale their business, announced a strategic partnership with Giift, a global leader in loyalty technology solutions.
This collaboration marks a significant milestone for the loyalty industry by introducing the world’s first open-loop Loyalty to Payments solution, powered via CoinBridge by Nayax’s patented technology. This pioneering solution allows for seamless conversion of any loyalty asset, such as points, rewards, miles, vouchers and gift cards, into transactions, at any shop or merchant anywhere in the world, without the need for any merchant integrations or cross-brand partnerships.
Nayax and Giift will revolutionize the loyalty experience by seamlessly bridging the gap between loyalty and payment systems. Utilizing this technology, any credit card-accepting merchant can now also accept loyalty assets as a payment method. Brands across the globe will be empowered to provide unmatched capabilities and flexibility to their loyalty program, while giving consumers the freedom to redeem their loyalty rewards anywhere, for anything they need.
The CoinBridge Loyalty to Payments solution directly enhances consumer engagement, drives higher purchasing frequency and higher spending, and enables retailers to optimize spending volumes. Furthermore, retailers can now improve the usage of their data to personalize propositions, increase loyalty and optimize brand performance – all without the need for integration with merchants or POS systems.
The CoinBridge solution offers a zero-friction approach and ease of use across the entire payment chain. Retailers can offer their consumers open-loop redemption possibilities with a seamless Tap&Go payment experience through retailers’ existing loyalty apps. From the merchant’s point of view, loyalty redemption is transparent since they facilitate a credit card transaction with no changes to their POS, internal systems or financial settlement arrangements.
“We are excited about our partnership with Nayax and the transformative potential it brings to the loyalty industry,” Sumit Uttamchandani, strategic partnership head, Giift, said in the announcement. “With open-loop redemption, we can give our customers unprecedented flexibility and freedom to use their loyalty points. This collaboration expands our reach and enables us to deliver a truly global loyalty experience.”
Guy Rosenhoiz, CEO, CoinBridge by Nayax, added in the announcement: “We are delighted to partner with Giift and introduce the world’s first seamless Loyalty to Payments solution to Giift’s customer base. In choosing to partner with CoinBridge, Giift is boldly taking the loyalty industry to the next level, opening up exciting new possibilities for retailers and brands and offering a seamless Loyalty to Payments experience like never seen before.”
