Open-loop loyalty to payments solution claimed as world’s first
Nayax Ltd. (Nasdaq: NYAX; TASE: NYAX), a global commerce enablement and payments platform designed to help merchants scale their business, today announced a strategic partnership with Giift, a global leader in loyalty technology solutions.
This collaboration marks a significant milestone for the loyalty industry by introducing what is claimed to be the world’s first open-loop Loyalty to Payment solution, powered via CoinBridge by Nayax’s patented technology. This pioneering solution allows for seamless conversion of any loyalty asset, such as points, rewards, miles, vouchers, and gift-cards, into transactions, at any shop or merchant anywhere in the world, without the need for any merchant integrations or cross-brand partnerships.
Nayax and Giift want to “revolutionize the loyalty experience by seamlessly bridging the gap between loyalty and payment systems.” Utilizing this technology, any credit card-accepting merchant can now also accept loyalty assets as a payment method. Brands across the globe will be empowered to provide unmatched capabilities and flexibility to their loyalty program, while giving consumers the freedom to redeem their loyalty rewards anywhere, for anything they need.
CoinBridge says the ‘Loyalty to Payments’ solution directly enhances consumer engagement, drives higher purchasing frequency and higher spending, and enables retailers to optimize spending volumes. Furthermore, retailers can now improve the usage of their data to personalize propositions, increase loyalty, and optimize brand performance– all without the need for integration with merchants or POS systems.
It uniquely offers a zero-friction approach and ease of use across the entire payment chain. Retailers can offer their consumers open-loop redemption possibilities with a seamless “Tap&Go” payment experience through retailers’ existing loyalty apps. From the merchant’s point of view, loyalty redemption is transparent since they facilitate a credit card transaction with no changes to their POS, internal systems, or financial settlement arrangements.
“We are excited about our partnership with Nayax and the transformative potential it brings to the loyalty industry. With open-loop redemption, we can give our customers unprecedented flexibility and freedom to use their loyalty points. This collaboration expands our reach and enables us to deliver a truly global loyalty experience,” stated Sumit Uttamchandani, Strategic Partnership Head, Giift.
“We are delighted to partner with Giift and introduce the world’s first seamless Loyalty to Payments solution to Giift’s customer base,” stated Guy Rosenhoiz, CEO CoinBridge by Nayax. “In choosing to partner with CoinBridge, Giift is boldly taking the loyalty industry to the next level, opening up exciting new possibilities for retailers and brands and offering a seamless Loyalty to Payments™ experience like never seen before.”
Nayax is a global commerce enablement and payments platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and consumer engagement tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers’ growth across multiple channels. Today, Nayax has 9 global offices, approximately 800 employees, connections to more than 80 merchant acquirers and payment method integrations and is a recognized payment facilitator worldwide. Nayax’s mission is to improve our customers’ revenue potential and operational efficiency.
Giift is a leading loyalty technology provider and program management partner with headquarters in Singapore. Founded in 2013, Giift has expanded into multiple countries, including Dubai, Mumbai, New York, London, Wuhan, Beijing, Jakarta, Colombo, Doha, Dhaka, Nairobi, and now Pakistan. Giift has served 3,000+ corporate clients across industries and has created customized, sustainable loyalty and rewards-based programs globally.
Please visit www.giift.com to learn more.