The innovative new app solution, with a rewards engine and Apple Pay and Google Pay enabled, will initially run with a leading brand in the electricals sector, and its business customers, which will benefit from digital-first promotional activity on mobile, in store and online.
The service has just launched as part of an initial trial in which SME customers and sole traders can benefit from cashback on popular power tools for a limited time, enabling them to upgrade or move to the brand’s popular product line.
Amanda Harrison, VP, Head of Business Development, Paynetics commented: “We’re thrilled to be the issuing and payment partner of choice for Benamic and their extensive client base. Paynetics, and our technology partner phyre, is at the forefront of digital transformation in Europe.
“Together with our partners, we’re continuing our mission to simplify payments. We’re excited to see the success of this initial promotion and look forward to collaborating with other leading brands to innovate their product propositions.”
Paynetics and Benamic entered a new card issuing agreement as part of the Wirecard UK and Ireland (WUKI) acquisition. The transfer process ensured there was no disruption to Benamic’s physical corporate card programme and business continuity.
The new digital programme showcases virtual branded cards, embedded in a plug and play mobile application, with mobile payments enabled. It also provides the added convenience of a newly-developed corporate portal which enables Benamic to manage customer card transactions in real time.
With an ambitious timescale to launch the reward programme, Paynetics leveraged its in-house technology partners to deliver the leading-edge solution for an initial rollout in February 2021.
The fintech was able to accelerate speed to market by continuing the development, testing and accreditation milestones over the festive period.
Ann-Marie Smee, CEO, Benamic, said: “Working on this programme with Paynetics and our client, we were able to optimise our digital solutions in support of our client’s business objectives, enabling them to engage with their users in an easy and seamless way, and to reward their loyalty. Digitalisation, as we know, isn’t just a trend but a new market reality and, as our portfolio of services demonstrate, we utilise an array of tech to offer unmatched customer experiences. Offering Google and Apple pay enabled prepaid cards as reward incentives further compliments our exciting service offering.”
The new branded solution will enable the launch customer to implement repeated promotions to its wider territories in the UK and European Economic Area.
It also marks a successful use case of Benamic’s technology for other brands that want to extend their physical card programmes to virtual only, or a combination of physical and digital products, offering greater choice and reaching more markets and users seamlessly.
Paynetics is a regulated e-money institution which is licensed across the EU and is a Principal Member of Mastercard, Visa, SWIFT, and a member of SEPA and UnionPay International. It offers next-generation payment technology solutions with an all-encompassing technology stack under one roof, including issuing, acquiring, state of the art payment services, IBANs, money transfers, eWallets, mobile payments and software POS.
Submitted by Paynetics