Fintech company phyre has launched its MasterCard Digital Enablement Service (MDES) wallet, which will enable its customers to pay at any contactless terminal with their smartphones.

Developed in collaboration with Global Processing Services and backed by licensed e-money institution Paynetics, phyre is a Mastercard certified mobile app that allows the customers to pay and receive loyalty perks with a single app.

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The new wallet is expected to streamline the customer’s shopping experience. It records all loyalty and reward cards of the customer, thereby eliminating the need to carry loyalty and bank cards.

The cardholder can link cards from any issuing bank to their account. They can also track their expenses, browse personalised offers, and utilise special vouchers and coupons upon their purchases.

Additionally, they can also send or receive money from their friends and relatives for free instantly. Currently, this service is limited to Android phones.

phyre CEO Konstantin Djelebov said: “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.

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“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.”