Paynetics, phyre and VIVACOM roll out Mastercard Digital First Card in Europe

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PayTech Paynetics AD, along with digital banking solutions provider phyre and Bulgarian telecoms provider VIVACOM, has rolled out the Mastercard Digital First Card today. The companies claim that the newly launched card is first of its kind in Central and Eastern Europe and is one of the first Digital-First cards in Europe. The solution offers access to a virtual payment card in the digital Pay by VIVACOM wallet along with a physical card.

Antonina Martinova, CEO, Paynetics, commented, “We’re proud to have worked on this innovative new Digital First card with phyre, Mastercard and VIVACOM, which directly responds to consumer’s demands for safer and more convenient payment methods. Once again, we’ve proven that with a lot of hard work and collaboration, you can be a leader in the payments industry at both a European and world level, even if you are from a small country and a less developed market.”

The card will bear the name of the cardholder with no other sensitive information. The digital wallet stores the unique 16 digit number and the CVV for online card payments and the holder can access it by using their biometric data or passcode. This is expected to prevent the possibility of misuse and allow the user to lock the card during instances of loss or theft.

“This product is a further testament to the fact that Bulgaria is fast becoming one of the most established fintech hubs in Europe”, said Ivo Gueorguiev, Co-Founder and Executive Chairman, Paynetics. “We’re excited to bring such an innovative payment solution to market and to take this technology to the rest of the region, as we continue our mission to streamline payments processes for businesses and empower them as they digitally transform.”