Nayax Ltd., a global leader in commerce enablement and cashless payments designed to help merchants scale their business, announced it has received its European issuer license from Mastercard, on behalf of CoinBridge. The European issuer license enables CoinBridge to further expand its operations and services into the European Union and United Kingdom. Together with receipt of an Israeli issuer license from Mastercard earlier this year, this reflects Nayax's strategy of obtaining issuer licenses across the globe and facilitating the launch of CoinBridge's "Pay with Points" loyalty solution across all regions. With this newly awarded license, CoinBridge intends to launch its payment services with leading European retailers in the coming months.
CoinBridge is a solution for seamlessly converting digital assets, including rewards, points, gift cards, vouchers, cashbacks and payouts, into real purchase transactions at any shop or website, worldwide, over the Credit Cards Scheme.
CoinBridge provides retailers with a way to increase customer engagement, drive higher purchasing frequency and optimize spending volume within their shops, as well as further leverage customer purchase data to personalize customer propositions, increase customer loyalty and optimize brand performance – all without the need for any integration with merchants or POS systems.
Designed to increase consumers' financial freedom and satisfaction, CoinBridge's groundbreaking solution allows consumers to pay in-shop using retailers' existing mobile loyalty apps in a convenient and easy manner, via a "Tap & Go" experience, as well as online, by typing in a unique virtual credit card number assigned to them for each transaction.
CoinBridge provides a single-point solution for retailers, which includes a quick and simple technological implementation as well as full regulatory, card issuing, financial settlement and digital asset conversion coverage with merchants, permitting retailers to launch quickly with no technological or regulatory delays.
Developed in light of strong global growth in loyalty schemes and directly addressing retailers' needs, CoinBridge enables retailers and loyalty clubs to move away from legacy solutions and embrace digital alternatives.
The CoinBridge solution is based on a unique patented technology of issuing virtual pre-paid cards to facilitate the conversion of loyalty assets. Nayax has submitted nine patent applications related to the technology with two already granted, under which CoinBridge will also serve as the token enabler as well as the issuer and acquirer. The solution has already begun rollout with retailers in Israel and is expanding to the European Union and UK markets in 2023. For all these customers, CoinBridge will offer an umbrella of payment solutions – from traditional clearance and acquisition services to issuance.
"In receiving our European issuer license, we have significantly expanded our portfolio of innovative solutions, allowing us to offer issuer services and augment our advanced payment and clearance activities,” Yair Nechmad, co-founder and CEO, Nayax, said in the announcement. “We would like to thank Mastercard for their cooperation and trust, which is based on Nayax's extensive experience in the world of payments. We aim to bring growth to retailers and positively impact communities by offering consumers ways to easily spend their points at any outlet, thereby achieving our two main goals of continuously bringing more innovative solutions to the market and positively influencing our customers' bottom line."
Guy Rosenhoiz, CEO, CoinBridge, added in the announcement, "We're excited to have received the Mastercard issuer license for Europe as it expands our services into the continent and beyond. This is a major milestone on our way to becoming retailers' main go-to solution for ‘Pay with Points’ and Next-Generation Virtual Gift Cards, while driving our expansion further into the European Union and United Kingdom, bringing us closer to global service reach."