The innovative solution increases consumer financial freedom and allows every retailer and loyalty club to become an e-wallet company, expand its customer base and nurture unique customer loyalty
, Aug. 2, 2022 /PRNewswire/ -- Nayax Ltd. (TASE: NYAX), a global commerce enablement and payments platform designed to help merchants scale their business, today announced the launch of CoinBridge – a unique solution for the conversion of virtual assets, including customer rewards, points, gift cards, vouchers, cashback, payout, and others to real currency at any shop or website which accepts credit cards, worldwide.
CoinBridge's initial focus is on the retail and loyalty club markets, offering a groundbreaking solution for increasing their consumers' financial freedom and satisfaction by enabling the redemption of rewards, points, and gift cards at any store or website, worldwide, without the need for any sort of integration with merchants or points of sale.
The CoinBridge technology platform provided by Nayax is built for quick and simple implementation and an enhanced end-user experience. By using CoinBridge, customers and loyalty club members can now pay at any point of sale (POS) device using their existing mobile app in a convenient and easy manner, via a Tap & Go experience – much like Apple Pay or Google Wallet – as well as online, by typing in a unique credit card number assigned by CoinBridge to each customer prior to every transaction. In addition, CoinBridge provides retailers with transaction data and insights to better understand customer behavior and to further personalize propositions to their customers and members, as well as to optimize their business. Current market technologies and solutions do not support the execution of such payment services without complex technological integrations into each and every POS system, tremendous capital investments, and lengthy project times. Additionally, these solutions will never allow payments to be accepted by any and all merchants anywhere in the world, and in some cases may even be restricted by certain regulations. Furthermore, customer experience using such archaic solutions is cumbersome and uncomfortable unlike the Tap & Go solutions customers are accustomed to today.
CoinBridge's solution for retailers and loyalty clubs was developed in light of the strong global growth in loyalty clubs, and directly addresses retailers' needs to increase customer engagement, drive purchasing frequency, and spending volume within their own shops, as well as further leverage customer purchase data to personalize customer propositions, increase customer loyalty, and optimize their brand and business performance. In addition, considering the global financial situation, which directly affects consumer expenditure, it is now even more paramount for retailers to comply with consumer demand for increased financial freedom.
CoinBridge provides wide end-to-end coverage of all the technology, financial, business, and regulatory requirements for launching payment services, with nothing required from retailers and loyalty clubs, except the simple and quick integration of CoinBridge Solution into their current mobile app.
In order to launch CoinBridge and allow the conversion and redemption of virtual assets over the Credit Card Scheme, Nayax has become an issuing member of the Global MasterCard Scheme and has received the first ever issuer license in Israel. Issuing cards in Israel marks the Company's first step toward providing its solution worldwide. The CoinBridge solution is backed by several patents and is planned to launch this year in Israel – an innovative and early adoption technological market –and will later be gradually deployed to other countries. With the launch of CoinBridge, Nayax can offer a complete range of payment solutions – from its traditional clearance and acquisition services to issuance.
According to the Global Loyalty Programs market intelligence for Q1 2022, both the Israeli and the Global Loyalty markets are growing – Israel alone has over 10 million loyalty club members (with the majority of the population registered with multiple clubs). The value of the Israeli loyalty market is estimated at $622 million, and it is expected to grow at a CAGR of 11.2%, reaching an estimated value of $1 billion dollars in 2026.
From a global standpoint, the loyalty and gift card markets alone are expected to reach an estimated value of $987 billion by the end of 2022 with a CAGR of 12.2% in the next five years, reaching an estimated global value of $1.56 trillion by 2026.
Yair Nechmad, CEO of Nayax: "By receiving our issuer license, 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."
Guy Rosenhoiz, CEO of CoinBridge: "CoinBridge's solution is a breakthrough in the world of advanced payments, offering the ability and freedom to convert virtual assets of any kind into real payments and purchases, at any shop worldwide. For the first time any business that manages a customer base, ranging from retailers and loyalty clubs and up to crypto, NFT companies, and other payment rails – can now offer their customers a means to pay at traditional shops and websites, with their virtual assets. As a member of the Global MasterCard Scheme, implementing our solution allows any business to become a financial services company and smoothly launch an e-Wallet activity.
CoinBridge is set to transform the way traditional payments are made and bridge the gap between the legacy payment world and next-generation payments schemes. "
Nayax is a global commerce enablement and payment platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, a management suite, and consumer engagement tools, enabling merchants to conduct commerce anytime, anywhere. With global experience in serving the unattended retail industry, Nayax has transformed into a comprehensive solution focused on our customers' growth across multiple channels. Today, Nayax has 8 global offices, over 700 employees, connections to more than 80 merchant acquirers, payment method integrations and is a recognized payment facilitator worldwide. Nayax's mission is to improve our customers' revenue potential and operational efficiency. www.nayax.com
The information included in this press release contains, or may be deemed to contain, forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968). Said forward-looking statements, relating to the initial public offering, are subject to uncertainties and assumptions and the actual results may materially differ. All forward-looking statements in this press release are based on information available to Nayax on the date hereof. All written or oral forward-looking statements attributable to Nayax are expressly qualified in their entirety by the factors referred to above. Nayax does not intend to update these forward-looking statements.
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