Nayax launches CoinBridge to enable conversion of virtual assets into real cash

By Leandra Monteiro

Nayax Ltd, global commerce enablement and payments platform designed to help merchants scale their business, 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, 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.

Guy Rosenhoiz, CEO of CoinBridge said, “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. ”

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 behaviour and to further personalise propositions to their customers and members, as well as to optimise their business. It also 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 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 and will later be gradually deployed to other countries.

Yair Nechmad, CEO of Nayax said, “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.”