Nayax Ltd., a provider of commerce enablement and cashless payments designed to help merchants scale their business, has received its European issuer license from Mastercard on behalf of CoinBridge, Nayax's solution for converting virtual assets into physical currency, according to a press release.

CoinBridge, introduced in August, allows merchants to convert customer rewards, loyalty points, gift cards, vouchers, cashback and payout to real currency at any website or store that accepts credit cards.

The European issuer license enables CoinBridge to expand its operations and services to the European Union and United Kingdom. The company received an Israeli issuer license from Mastercard earlier this year and plans to obtain issuer licenses worldwide to facilitate CoinBridge's "Pay with Points" loyalty solution.

CoinBridge provides retailers a way to increase customer engagement, drive higher purchasing frequency and optimize spending volume within their shops, as well as further leverage customer purchase data to personalize customer propositions, increase customer loyalty and optimize brand performance — all without the need for integration with merchants or POS systems.

CoinBridge also allows consumers to pay in-store using retailers' existing mobile loyalty apps via a "tap and go" experience, as well as online, by typing in a unique virtual credit card number assigned to them for each transaction.

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