Collaboration with Paynetics brought innovative app features such as tap to pay, bank transfers, cashback, full card control and QR payments.



What we did for phyre

eWallet | Acquiring | Issuing | IBAN accounts | QR payments | Payment tokenization

Client and Brief

Driven by the familiar frustration with forgotten or bulging wallets, the founders of phyre set out to change how consumers make their purchases. They embarked on a venture to compress the physical wallet into the mobile phone by digitalizing loyalty cards, payment cards and cash. To achieve that, the entrepreneurs behind the at present well-known phyre app needed a partner - being a principal member of most payment schemes Paynetics was able to offer both innovative and standard payment options that now enable phyre to turn smartphones into the better wallet.

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Our Strategy

How to weld together on the mobile a wallet, a bank and a retailer


The concept behind phyre required a multidimensional approach as it sought to put in a single mobile app activities which normally reside in very different locations. It sought to dematerialize the wallet, so we needed to find solutions to replace cash and cards. We did that with our tokenization services, allowing for the tap to pay functionality and making plastic cards redundant. To eliminating the need to carry cash, we provided phyre with the possibility of making P2P transfers quickly and conveniently. And that was before COVID 19 came to the scene.

Phyre aspired to give its users the same utility as any bank, so we offered them the IBAN accounts and bank transfers, both domestically and within Europe.

Finally, phyre has positioned itself as the bridge between the consumer and the merchant and needed the necessary payment infrastructure to fully leverage on that relationship. Here we offered the possibility for effective and user-friendly cashback programs which were set to complement the digitizing of loyalty cards, vouchers, coupons and offers. And to streamline the purchasing experience we added the QR payments for super quick online checkout.

“We are proud to have supported phyre in its evolution from an eWallet to a fully functional digital banking platform. Phyre was able to successfully leverage on the robust infrastructure we have built, and our cooperation has allowed us to make our unique end-to-end payment and banking solution platform available directly to consumers and SME merchants. “


Antonina Martinova

CEO @ Paynetics

The Impact

Become a digital banking platform

160,000 +



digitalised loyalty cards

Thanks to Paynetic’s card scheme memberships phyre can issue plastic, virtual and tokenized cards, catering to the needs and preferences of all users, including the ones who would still like to have a “plastic”. In putting innovation and customers’ user experience at the forefront, the phyre app provides a seamless mobile payment experience, letting customers pay on any contactless terminal with their smartphone and store all of their loyalty and reward cards at the same time, making the carrying of loyalty and bank cards become obsolete. It enables the cardholder to digitise any payment or loyalty card and use it directly from the smartphone and unlike other mobile payment apps, the cardholder can link cards from any issuing bank to their account.

Close collaboration between Paynetics and phyre during the development process brought about additional innovative app features such as bank transfers, spending analytics, cashback and full card control. Working together Paynetics and phyre were able to achieve significant milestones – they hold the record for the fastest implementation of the Mastercard tokenization technology in Europe and were the first Bulgarian entities to offer Apple Pay. Supported by Paynetics, phyre has evolved from an eWallet solution to a digital banking platform, significantly enriching the value proposition of the business and its appeal to a very wide audience.

With its QR technology, Phyre is changing the way payments work significantly shortening checkout time, reducing abandoned baskets in online shops, reducing transaction costs and providing additional value to the merchants.

“When choosing partners, shared vision and values are extremely important. Paynetics and phyre share the dream of simplifying the complex payments domain by using modern technology and empower both consumer and business. The close cooperation between our two companies ensures that we will be in a much stronger position to accomplish phyre’s mission to enable our customers effortlessly execute secure payments and manage their money.”


Konstantin Djelebov

Co-founder & CEO @ phyre

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