Global commerce enablement and payments platform Nayax on Tuesday (Aug. 2) launched CoinBridge to streamline the conversion of virtual assets — including customer rewards, points, gift cards, vouchers, cashback, payout and others — into currency where credit cards are accepted.
Initially, CoinBridge will focus on retail and loyalty clubs, enabling the redemption of rewards, points and gift cards at any store or website worldwide, according to a company press release.
CoinBridge customers and loyalty club members can now pay at any point of sale (POS) device using their existing mobile apps, and online through a credit card number assigned by CoinBridge to each customer prior to every transaction.
The platform also provides retailers with transaction data and insights to understand customer behavior and personalize propositions to their customers and members, per the release.
“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,” said Yair Nechmad, CEO of Nayax.
“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,” he said.
The global loyalty and gift card markets 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, according to the release.
“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,” said Guy Rosenhoiz, CEO of CoinBridge. “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.”
Related: Nayax Acquires Smart Payments Solution On Track Innovations for $4.5M
In January, Nayax entered into “a binding term sheet” to acquire smart card technology firm On Track Innovations Ltd. for about $4.5 million in cash.
“This transaction supports Nayax’s strategic business plan, as we constantly explore potential acquisitions with complementary technologies that will support our continued growth,” Nechmad said at the time.
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