Nilson Report: Installment Credit/Loyalty via Mobile App

MyGini offers a payment and card management app Visa and Mastercard issuers in the U.S. can use to provide installment credit for in-store and online purchases as well as support for loyalty and offers programs. The cloud-based (Microsoft Azure) platform is provided on a white-label basis. All functions are available to issuers in a stand-alone shopping app or through an SDK they integrate with their existing mobile banking app.

Issuers can customize the parameters of installment credit offers for the type of card product, cardholder history, purchase amount threshold, merchant category, and specific merchant chain. Installments can be financed by the issuer, the retailer, or jointly. No POS terminals are involved. Transactions are initiated by a notification to the cardholder’s handset.

For loyalty and offers, the myGini platform activates real-time push notifications after receiving a transaction alert from the Visa or Mastercard network. Offers are instantly sent to cardholders without needing them to sign on, log in, or open an app.

MyGini has agreements with offer aggregators and can target those offers to cardholders informed by data analytics from artificial intelligence that examines merchant codes from prior spending. Cardholders are also given the opportunity to “like” certain brands, which further supports targeted offers.

Background tracking algorithms in the app work in-store using GPS and Wi-Fi signals to enable location-based engagement with cardholders.

Other features on the myGini platform provide controls for credit and debit cards, including freezing accounts when cards are believed to be lost or stolen, sending a new PIN, automatic declines of cross-border payments, and more. The app delivers instant discount coupons, creates cash-back offers, manages loyalty points, triggers rewards at a particular merchant after a predetermined number of purchases, and more. Cardholders can also review card statements and make balance inquiries.

MyGini Inc. Introduces a Pioneering Payment
Software Platform in the U.S. Market

MyGini Inc., a San Francisco-based provider of leading-edge software solutions for the fintech sector, announced the upcoming unveiling of its integrated payments and loyalty application, myGini. Launched on October 22 at the Money 20/20 conference in Las Vegas, myGini represents a true innovation in the U.S. financial services market.

myGini is an integrated payments and shopping app that connects cardholders, retailers and banks and financial institutions. By serving as a bridge between MasterCard/Visa networks and financial institutions, it delivers an enhanced shopping experience for consumers, while increasing transactional volume for retailers and banks and financial institutions

As Mehmet Sezgin, founder and CEO of MyGini Inc., explains, “myGini provides two core benefits that really break new ground in the U.S. card market. First, its loyalty engine offers retailers a highly sophisticated platform to roll out creative promotions that draw repeat customers. Second, its real-time push notifications, which cardholders receive with every purchase, simultaneously trigger parallel offers from their banks and financial institutions and, a feature that boosts transaction activity and builds customer engagement.”

Through this initiative, the company will minimize integration efforts required from bank, financial institutions and retailers by leveraging their current infrastructure and integrating MyGini systems with MasterCard and Visa APIs. At the same time, MyGini will offer retailers an extensive range of offer platforms to replace paper-based coupons and rebates. Lastly, the firm aspires to build traction in the mobile-wallet niche by harnessing existing card transactions.

Sezgin, a payments and banking expert with broad worldwide experience, points out, “The dynamics between card issuers and merchants are unique in each country. However, this is not the case for cardholders. No matter where they live, consumers recognize a winning value proposition when they see it.”

MyGini exhibited in Booth 850 at the Money 20/20 conference hosted in The Venetian from October 22-25. The world’s premier event for financial payments and services will gather more than 11,000 attendees from 4,500 companies and 85 countries.

Founded in 2016, MyGini Inc. is headquartered in San Francisco and financed by a group of private investors.