Nayax's CoinBridge receives Mastercard European issuer license

Having received this license, CoinBridge is enabled to further its operations and services into the European Union and the United Kingdom. Alongside an Israeli issuer license received earlier in 2022, as per the information provided in the press release, the announcement reflects Nayax’s strategy in obtaining issuer licenses globally to facilitate CoinBridge’s launch of its ‘Pay with Points’ loyalty solution across all regions. Having been awarded the license, CoinBridge aims to have its payment services launched with European retailers in the months to come. 

CoinBridge offering and what the European issuer license entails

Designed with the aim of increasing consumer’s financial freedom and satisfaction, CoinBridge’s solution enables consumers to carry out in-shop payments by making use of retailer’s existing mobile loyalty apps via ‘Tap & Go’, as well as online, by typing in a unique virtual credit card number that is assigned to them for every transaction.  

Furthermore, CoinBridge offers retailers a single-point solution that includes technological implementation in a quick and simple manner, in addition to full regulatory, card issuing, financial settlement, and digital asset conversion coverage with merchants, thus enabling retailers to have an expedited launch without having technological or regulatory delays. 

CoinBridge aims to help retailers and loyalty clubs with distancing themselves from legacy solutions and embracing digital alternatives, in the light of the rapid global increase when it comes to loyalty schemes. As per a 2022 Juniper Research report quoted in the company’s the press release, digital loyalty membership is expected to have a 33% increase and reach 32 billion members by 2026. 

To facilitate loyalty assets’ conversion, the CoinBridge solution is based on a unique patented technology of virtual pre-paid cards issuance. Nine patent applications have been submitted by Nayax in relation to the technology, two of which have already been granted, under which CoinBridge is set to act as the token enabler, as well as the issuer and acquirer. Rollout of the solution has begun with Israeli retailers, with the expansion to the European Union and UK markets set to take place in 2023. CoinBridge is to offer payment solutions for all these customers, from traditional clearance and acquisition services to issuance.