Wednesday, November 23, 2022
Denise Johansson, co-CEO and co-founder at Enfuce, noted the Siminn and Enfuce partnership will facilitate easy, personalized payments. "By combining our strengths, we ensure that flexible, loyalty-based card payments become a natural part of [consumers'] everyday lives," she said. "We look forward to helping Síminn Pay accelerate its fintech offering by continuously ensuring top-notch scalability, user experience and security."
Gunnar Hafsteinsson, managing director at Síminn Pay, agreed Enfuce is aligned with Siminn Pay's culture and goal of becoming a full-fledged fintech. "In order to deliver on our vision, we needed a partner who could help us enter the payments business," he said. "We were immediately impressed by Enfuce, as they had a great cultural fit and deep industry expertise."
Hafsteinsson mentioned Enfuce helped Síminn Pay navigate the entire card issuing journey by orchestrating a BIN Sponsorship, PCI-DSS compliance and back-office services such as fraud and dispute management. Further along the telco's product roadmap, the newly enhanced mobile app will support leading mobile wallets through Enfuce, he noted.
"With Enfuce's Card as a Service platform, we don't have to worry about compliance demands or technical integrations," he said. "Enfuce's team handles everything for us, so our team can focus on product development and communicating with our customers."
For now, the Siminn Pay mobile app, powered by Enfuce, will support food delivery, car parking and buy now, pay later through its revolving credit card, issued and managed through Siminn Pay and powered by Enfuce's Card-as-a-Service solution, Hafsteinsson added.
Describing Enfuce as a one-stop shop for modern card issuing and payment processing, Johansson stated the company has rapidly grown since its inception in 2016, and has offices in Finland, Germany, Latvia, Sweden, and the United Kingdom. Enfuce participated in Visa Fintech Fast Track and Mastercard Lighthouse Development programs, she added, and won the 2019 PayTech Award for Best Payments solution for its Payment Systems in the Cloud offering.
An Enfuce whitepaper, How to launch the winning payment card, updated June 14, 2022, offered advice on designing and scaling digital payment card programs, sharing key learnings from the company's partnerships with Rocker, Pleo and Qred.
Framing card issuance as a magic wand that lets people use, move and manage money in new ways, Enfuce representatives characterized modern payment card issuance as a logical next step to on-demand streaming services offered by tech companies like Amazon and Netflix.
"Let's face it, payment cards used to be rather static, single-purpose commodities handed out by retail banks," Enfuce researchers wrote. "But with the rise of fintech, cards – regardless of shape, form or material – have indeed taken on a novel, positively disruptive role in the financial ecosystem. Whether physical or virtual, they are now a key touch point to smarter financial services and form the very core of modern value propositions."
A copy of the whitepaper is available at enfuce.com/insight/buyers-guide-how-to-launch-the-winning-payment-card/
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