Fintech company phyre has launched its MasterCard Digital Enablement Service (MDES) wallet, which will enable its customers to pay at any contactless terminal with their smartphones.

Developed in collaboration with Global Processing Services and backed by licensed e-money institution Paynetics, phyre is a Mastercard certified mobile app that allows the customers to pay and receive loyalty perks with a single app.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The new wallet is expected to streamline the customer’s shopping experience. It records all loyalty and reward cards of the customer, thereby eliminating the need to carry loyalty and bank cards.

The cardholder can link cards from any issuing bank to their account. They can also track their expenses, browse personalised offers, and utilise special vouchers and coupons upon their purchases.

Additionally, they can also send or receive money from their friends and relatives for free instantly. Currently, this service is limited to Android phones.

phyre CEO Konstantin Djelebov said: “We’ve started Phyre because of our frustration of having to carry so many payment and loyalty cards with us all the time. We knew that a lot of people had the same problem and I’m delighted that we are the first to offer such a rounded experience. This wouldn’t have been possible without the great professionalism of GPS and Mastercard.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Now we are working hard to remove yet another friction, the need to scan your loyalty card at all. We will enable all shoppers to pay and get their loyalty perks with a single tap of their smartphone.”