Nayax and Giift Unveil Disruptive Solution for the Loyalty Space
The new strategic partnership will revolutionize the loyalty industry with a groundbreaking payment solution
HERZLIYA, Israel, Aug. 29, 2023 (GLOBE NEWSWIRE) -- 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 the world’s first open-loop Loyalty to Payments™ 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 will 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.
The CoinBridge 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.
The CoinBridge solution 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.”
For more information, please visit www.nayax.com and www.coinbridge.com.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including, but not limited to: our expectations regarding general market conditions, including as a result of the COVID-19 pandemic and other global economic trends; changes in consumer tastes and preferences; fluctuations in inflation, interest rate and exchange rates in the global economic environment over the world; the availability of qualified personnel and the ability to retain such personnel; changes in commodity costs, labor, distribution and other operating costs; our ability to implement our growth strategy; changes in government regulation and tax matters; other factors that may affect our financial condition, liquidity and results of operations; general economic, political, demographic and business conditions in Israel; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; and other risk factors discussed under “Risk Factors” in our annual report on Form 20-F filed with the SEC on March 1, 2023 (our "Annual Report"). The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only estimates based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the risks provided under “Risk Factors” in our Annual Report. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Each forward-looking statement speaks only as of the date of the particular statement. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.
About Nayax
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.
About Giift
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. For more information, please visit www.giift.com
Public Relations Contact:
Courtney Tolbert
5W PR
ctolbert@5wpr.com
Investor Relations Contact:
Virginea Stuart Gibson
Vice President, Investor Relations
virgineas@nayax.com
