Paynetics & phyre roll out digital wallet product for Bulgarian American Credit Bank

By Megha Bhattacharya

Paynetics AD today announced the launch of a new digital wallet product B@CB Pay along with the collaboration of phyre and commercial bank Bulgarian American Credit Bank (BACB). The new solution is expected to utilise phyre’s digital banking platform and Paynetics’ range of payment services, including its payment tokenization technology.

Antonina Martinova, CEO, Paynetics, commented, “Our work with BACB is testament to the strength and value of our payment solution portfolio and digital banking platform proposition for any company who is looking to meet consumer demand for secure and streamlined digital payments services.”

BACB customers will now be able to benefit from an enhanced user experience (UX),  features including Tap to Pay, quick P2P transactions, seamless bank transfers and digitalised loyalty cards, vouchers and tailored offers, with the introduction of new features such as lending, utility payments and business accounts to be added over the coming months.

Tzvetelina Borislavova, Chairman of Supervisory Board, Bulgarian American Credit Bank added,
“We want to be involved in the consumer’s day-to-day life. In our ambition to do so, we revitalised entire processes within our organization and combined forces with Paynetics and phyre, two leading fintech companies, thus creating B@CB Pay – the bank’s first digital wallet. B@CB Pay is the epitome of the bank’s seamless transition into the virtual banking space, committed to discovering and providing green and sustainable financial solutions.”

Paynetics is a regulated e-money institution, licensed across the EU and a Principal Member of Mastercard, Visa, SWIFT, and SEPA. It offers next-generation payment technology solutions, spanning across card acquiring, issuing, IBANs, money transfers, BIN Sponsorship, eWallets, and software POS.

Konstantin Djelebov, CEO, phyre, said, “Traditional institutions have been under such a big pressure from the booming fintech competition. This project with BACB is a great example of how fintechs can work with banks in this tough situation to help them match, and even beat, ever-increasing customer expectations. The combination of phyre’s cutting-edge platform technology and agility and BACB’s experience and heritage in banking are a recipe for success!”