Phyre app launches to link loyalty rewards and payments within a single app

Source: phyre

With the aim to remove friction in the consumers’ shopping experience, the fintech company phyre today 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: incorporate comment
“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.”
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