With the aim to remove friction in the consumers’ shopping experience, the fintech company phyre announces the launch of their MDES wallet.
phyre is a Mastercard certified mobile app backed by licensed e-money institution Paynetics. The new app developed in collaboration with Global Processing Services allows cardholders to pay and get their loyalty perks with a single app.
In putting innovation and customers’ user experience at the forefront, the phyre app provides a MDES wallet mobile app, letting customers pay on any contactless terminal with their smartphone and store all of their loyalty and reward cards at the same time, making the carrying of loyalty and bank cards become obsolete. It enables the cardholder to digitise any payment or loyalty card and use it directly from the smartphone and unlike other mobile payment apps, the cardholder can link cards from any issuing bank to their account. Customers can additionally track their spending, browse personalised offers from their favourite retailers and use vouchers and coupons with their purchases.
All phyre users can send and request money transfers from their friends and family for free. This allows them to split bills between friends or send money to relatives abroad. The recipient receives the amount instantly and can spend it immediately. The payment functionality is currently available only on Android phones.
Suresh Vaghjiani, Managing Director at Global Processing Services, comments “Phyre app is a great example of how payment technology can be used to provide ground-breaking products for MDES payments and enhance the customer user experience. It’s great to see that our GPS Apex platform provides bespoke, disruptive opportunities for integration with third party solutions, allowing companies like Phyre to offer their customers an all-in-one single payment wallet.”
Konstantin Djelebov, CEO at Phyre, comments: “We’ve started Phyre because of our frustration of having to carry so many payment and loyalty cards with us all the time. We knew that a lot of people had the same problem and I’m delighted that we are the first to offer such a rounded experience. This wouldn’t have been possible without the great professionalism of GPS and Mastercard. Now we are working hard to remove yet another friction, the need to scan your loyalty card at all. We will enable all shoppers to pay and get their loyalty perks with a single tap of their smartphone.”
About Global Processing Services
Global Processing Services (GPS) is the issuer processor enabling many of today’s most high-profile fintech innovators and disruptors. It is certified by Mastercard and Visa to process and manage any credit, debit or pre-paid card transaction globally.
GPS enables the emerging payments industry to deliver breakthrough innovations through a unique combination of proprietary technology, its people and partners.
At the heart of its capability is GPS Apex, its single global issuer processing platform. Built entirely by its own payment experts, GPS Apex offers easy integration with Issuers, Programme Managers, card manufacturers and many other service providers.
It has integrated with over 40 issuing banks globally and operates programmes for 100+ clients in 60 countries using over 150 currencies, enabling its clients to innovate and deliver exciting new value propositions for end users around the world.
phyre is a mobile app for Android and iOS that lets you put all of your payment and loyalty cards in your smartphone, so you can leave your wallet at home. Their mission is to digitise all the contents of your wallet. So that you do not need to carry it with you anymore. All phyre users enjoy free peer to peer transfers. Very soon they will introduce a powerful budget manager, one that you don’t need to enter your expenses manually in.
Phyre JSC is headquartered in Sofia, Bulgaria and has customers in all EU markets, currently mostly in the UK.