CoinBridge by Nayax launches innovative solution to revolutionise the loyalty points and gift-cards market

Nayax, a global leader in commerce enablement and cashless payments, is introducing a world-first solution for seamlessly converting digital assets, including rewards, points, gift cards, vouchers, cashbacks and any payouts, into real purchase transactions at any shop or website, worldwide. There is no requirement for any integration or engagement with merchants or point-of-sale systems.

Designed to increase consumers’ financial freedom and satisfaction, CoinBridge’s groundbreaking solution allows consumers to redeem and pay in-shop with points and gift-cards via the familiar e-wallet “Tap & Go” experience, all within retailers existing apps, as well as online by typing in a unique code assigned prior to each transaction.

CoinBridge provides retailers with a simple way to expand their value proposition and brand beyond their own shops, and to allow their members to spend rewards anywhere they permit – worldwide. The CoinBridge solution directly impacts retailers’ consumer engagement, drives higher purchasing frequency as consumers return to their shops, and allows retailers to further optimise spending volume. Furthermore, using data collected on consumer purchases outside retailers’ outlets, they can now better leverage consumer purchase information to personalise propositions, increase loyalty and optimise brand performance – all without the need for any integration between retailers and loyalty clubs, with merchants or POS systems.

CoinBridge provides a single-point solution for retailers, covering all service aspects and eliminating the challenge of dealing with financial systems, complex technology integrations and regulatory barriers. This solution provides quick and simple technological implementation at a single point as well as full regulatory, card issuing, financial settlement and digital asset conversion with merchants, permitting retailers to launch quickly with no technological or regulatory delays.

The CoinBridge solution is based on a unique patented technology, issuing virtual prepaid cards in a completely new way for each consumer, under Nayax’s Mastercard issuing license. This enables the automatic facilitation of the conversion of loyalty assets over the credit cards network at a purchase event.

Retailers using the service are only required to implement a simple SDK (Software Development Kit) into their existing mobile app and to connect their loyalty or CRM platform to the CoinBridge platform. CoinBridge handles all service complexities in its back office.

The CoinBridge solution is completely transparent to consumers as it is embedded in the retailer’s app. They see the newly revised app as a rewards Tap&Go e-wallet.

CoinBridge’s zero-friction approach and ease of use across the entire payment chain are crucial attributes of the CoinBridge solution. Retailers can now offer their consumers seamless worldwide open-loop redemption of digital assets, while consumers are able to conveniently pay using retailers’ existing apps. From the merchant’s point of view, it’s just another credit card transaction, so there are no requirements for changes to any of the merchant’s POS, technology or financial systems.

Nayax has submitted ten patent applications related to the technology with four
already granted. The solution has already been rolled out with retailers in Israel as the first launch market and is now expanding to the UK and European Union
markets.

Developed in light of strong global growth in loyalty schemes and directly addressing retailers’ pains and needs, CoinBridge enables retailers and loyalty clubs to move away from legacy solutions and embrace digital alternatives, a trend that will only increase in the coming years. According to the ‘Digital Loyalty Programme’ report released in June 2022 by Juniper Research, digital loyalty membership is expected to increase by 33% and reach 32 billion members by 2026.

This announcement comes on the back of recent news that the Nayax has received its European issuer license from Mastercard, on behalf of CoinBridge. The European issuer license underpins CoinBridge’s expansion into the European Union and United Kingdom.

“The UK market is well-developed and sophisticated when it comes to loyalty schemes and gift card propositions. We are excited to provide a new technology that opens up new locked possibilities for retailers to expand their positions in ways that were not available before, and provide their consumer with new financial services and freedom. The CoinBridge proposition answers real retail pains which have not been addressed to date due to the lack of legacy and traditional payments systems. This unique proposition will ultimately help retailers provide added value to their consumers and, in doing so, mine deeper insights,” said Guy Rosenhoiz, CEO, CoinBridge by Nayax.