Nayax, a global commerce enablement and payments provider, has introduced a new solution for converting virtual assets into actual currency.
With the new solution, called CoinBridge, users can transform consumer rewards, points, gift cards, vouchers, cashback, payout, among others into real money.
CoinBridge can be used at any outlet or website that accepts credit cards.
Its initial priority will be retailers and loyalty club holders and help them improve their clients’ experience through reclamation of rewards, points, and gift cards anywhere in the world.
The solution does not ask users to integrate their devices with traders or any points of sale (POS) system.
It is designed to function as a Tap & Go experience, similar to that of Apple Pay or Google Wallet. It requires users to enter an exclusive credit card number issued by CoinBridge to every client before making any payments.
It enables retailers to view transaction data and inputs to know customer behaviour in a better way. Retailers can also tailor their products as per the requirements of their customers.
With CoinBridge, Nayax aims to tap the increasing expansion of loyalty clubs globally and provide retailers with access to more customer engagement opportunities, encourage shopping frequency and expenditure volume.
Retailers and loyalty clubs can incorporate CoinBridge with their existing mobile app to receive comprehensive technology, financial, business, and regulatory requirements for rolling out payment services, informed Nayax.
Nayax CEO Yair Nechmad said: “By receiving our issuer licence, we have significantly expanded our portfolio of innovative solutions, allowing us to offer issuer services and augment our traditional payment and clearance activities.
“We would like to thank MasterCard for their cooperation and trust, which is based on Nayax’s extensive experience in the world of payments.
“Our ability as a global fintech company to develop innovative, accurate, and easy-to-implement solutions, for which there is a real market demand, strengthens our relationship with existing retail customers, as well as adds value and competitiveness to our propositions. This will enable us to recruit new customers and expand the global reach of Nayax.”
In addition, Nayax joined the Global MasterCard Scheme as an issuing member in a bid to introduce CoinBridge. This will facilitate the conversion and redemption of virtual assets through Credit Card Scheme.
The company has already received its first issuer licence in Israel.
This year in June, Nayax announced the launch of its Onyx reader and cashless payment solutions in New Zealand.