Sunday, May 19, 2024

    Iceland’s largest telecom Síminn expands into payments through Enfuce’s Card as a Service

    Síminn Pay, the pioneering fintech subsidiary of Iceland’s largest telco provider Síminn, has partnered with Enfuce, the European leader in providing turnkey card issuing, to launch virtual credit cards tailored for Síminn Pay’s lifestyle app, enabling users to make seamless payments.

    Founded in 2016, Síminn Pay aims to grow access to smart consumer services in Iceland. Its ecosystem includes food delivery and car parking – in addition to a Buy Now, Pay Later (BNPL) service under a standalone brand. Looking to offer its large customer base seamless payments, Síminn Pay selected Enfuce’s Card as a Service, a one-stop shop for issuing scalable payment cards in weeks rather than months.

    “In order to deliver on our vision, we needed a partner who could help us enter the payments business. We were immediately impressed by Enfuce, as they had a great cultural fit and deep industry expertise. Enfuce gives us everything we need to become a full-fledged fintech company,” says Gunnar Hafsteinsson, Managing Director at Síminn Pay.

    Síminn Pay is the first non-financial institution in Iceland to issue their own credit card, with the help of Enfuce. The card will be an entirely virtual revolving credit card that is issued and managed through the Síminn Pay app. Through Síminn Pay’s app, users can adjust the sums of the invoices to be paid during each payment cycle.

    “Our partnership with Síminn Pay empowers thousands of consumers in Iceland to benefit from easy and personalised payments. By combining our strengths, we ensure that flexible, loyalty-based card payments become a natural part of their everyday lives. We look forward to helping Síminn Pay accelerate its fintech offering by continuously ensuring top-notch scalability, user experience and security,” says Denise Johansson, Co-CEO and Co-Founder at Enfuce.

    Enfuce’s team guided Síminn Pay through the entire card issuing journey, orchestrating key industry enablers such as a BIN Sponsorship and PCI-DSS compliance. Additionally, Enfuce’s Business Services lets Síminn Pay outsource crucial back-office services like fraud and dispute management. To ensure a modern payment experience, the Icelandic company can also easily add compatibility to leading mobile wallets through Enfuce.

    “With Enfuce’s Card as a Service platform, we don’t have to worry about compliance demands or technical integrations. Enfuce’s team handles everything for us, so our team can focus on product development and communicating with our customers. That’s a massive game-changer. It means we can launch fast and commit to delivering customer value through our card,” says Gunnar.

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