Síminn Pay, the fintech subsidiary of Iceland-based telco provider Síminn, has forged an alliance with card issuing services firm Enfuce to introduce a virtual credit card in the country.
The card has been customised for Síminn Pay’s lifestyle app and allows the users to carry out transactions.
It is issued and managed through Síminn Pay app. Users of the app can modify the sums of the invoices to be paid throughout every payment cycle.
The card has been developed on the back of Enfuce’s card-as-a-service, a comprehensive solution for issuing scalable payment cards in weeks instead of months.
While developing the card, Enfuce helped Síminn Pay in arranging major industry enablers, including a banking identification number (BIN) Sponsorship as well as payment card industry data security standard (PCI-DSS) compliance, among others.
Enfuce’s Business Services team has also allowed Síminn Pay outsource vital back-office services, such as fraud and dispute management.
Through Enfuce, Síminn Pay will be able to add mobile wallets into its platform.
Launching of the card has made Síminn Pay the first non-financial organisation in Iceland to issue their own credit card, noted Enfuce.
Enfuce co-CEO and co-founder Denise Johansson said: “Our partnership with Síminn Pay empowers thousands of consumers in Iceland to benefit from easy and personalised payments.
“By combining our strengths, we ensure that flexible, loyalty-based card payments become a natural part of their everyday lives.”
In August this year, Enfuce enhanced its partnership with Mastercard to improve its card-as-a-service platform in Nordics.