The first digital wallet in Bulgaria which offers digitization of payments and loyalty cards, between-users payments and access to commercial offers!
Are you tired of carrying multiple cards in your wallet? Since we were, we decided to create an application to solve the issue. The product is already on the market and his name is Phyre.
But what does Phyre represent?
It is a certified mobile device that allows the card holders to digitalize their payment or loyalty cards and use them directly on their mobile phone. This is the first digital wallet in Bulgaria which allows the card holders make contactless payments and gather scores on their loyalty cards, search for offers in the retail chains and realize payments between them – all these functions by a single application.
Phyre is currently only available for Android. Soon the iOS version will also appear, and the Apple Pay support is also underway. The app can be used for free for 12 months, and then there is a charge of 1 euro per month. The service has been on the market for about 3 months, with over 6,000 users already.
The mobile application allows the card holders to enter each of their payment cards regardless of the issuer and receive a virtual MasterCard which than is tokanized through Маѕtеrсаrd Dіgіtаl Enablement Ѕеrvісе, thereby protecting the card number and ensuring the high security of transactions.
By using the Phyre digital wallet, the users can avail themselves of secure, fast and conformable contactless payments at all retail outlets where this technology is available, not only in Bulgaria but worldwide.
Owing to the application extended functions the users can digitalize all their loyalty cards and use them directly on their smart phones, leaving the plastics at home. By paying via the Phyre digital wallet, the user can immediately gather loyalty scores, if the store offers programs to their customers. Phyre removes the inconvenience of carrying multiple loyalty and bank cards. Moreover, PHYRE provides to the users an easily understandable transaction history in order to be aware of where and what they have purchased.
All Phуrе users can send and request payments between them free of charge. Transactions between friends become a progressive trend, beneficial for common accounts sharing or for sending money abroad. The recipient receives the amount immediately and can spend at once.
How does it work actually?
The mobile payments security through Phyre is guaranteed by the Маѕtеrсаrd Dіgіtаl Enablement Ѕеrvісе (МDЕЅ). МDЕЅ uses the „tokanization“ standard and allows the mobile phones and the devices to be used as payment cards. By using Phyre, the card is tokanized thereby not only the token number is different from the card „real“ number, but is also specific for the user device. The tokanized payment card located in the smart phone by the NFС technology allows the phone to communicate with any contactless POS terminal worldwide. The user only should approach the device to the POS terminal in the way it does by its contactless bank card. The МDЕЅ technology is already implemented in Аndrоіd Рау, Аррlе Рау and Ѕаmѕung Рау in many European countries, but these applications are still not accessible for the Bulgarian users.
„Our purpose is to provide payment services of last generation and make Phyre the first choice of the users in Bulgaria as well as in Europe. We started by digitalization of bank and loyalty cards, as well as free and immediate transfers between users, covering their every day needs. In the future we wish that you can pay by Phyre absolutely all your costs: city transport tickets, parking… You can create free of charge your profile in Phyre which takes several minutes and you can immediately get money to pay via your phone, easily indeed. Furthermore, we should note that the Phyre users have the complete transparency and traceability of all costs incurred by them”, shared Konstantin Dzhelebov, CEO of the company.
The МаѕtеrCаrd and the FinTech industry
МаѕtеrCаrd works with FinTech companies long ago by establishing partnerships with pioneers, which than have developed themselves in international brands. Recently was announced the initiative Accelerate, aimed at supporting the growth of fast developing FinTech industry, by reflecting the current commitment of the company to this sector. Ѕtаrt Раth global program already for several years has been giving chance to startups worldwide to develop their business and get access to the Маѕtеrсаrd now-how and business partners. The МаѕtеrCаrd local offices worldwide support this approach by partnering in the local FinTech industry, assisting a number of initiatives and working on the payment solutions that change the way in which users make purchases and payments.
Phyre is about people’s relationship to the digital world. The process of converting information into a digital is real, it is happening right now. As for the mobile phones payment digitalization – it is inevitably going to happen a comfortable part of our lives.