Fintech company, YAY Moments, announces the launch of payment cards, after the success of its gift card innovation.
Reykjavik, Iceland, June 11, 2024 – Fintech company, YAY Moments, has launched its new payment cards, designed to promote and enhance gift card usage for its users. YAY Moments is an Icelandic fintech company that makes payment vouchers and gift cards. The company is also notable for managing Iceland’s government’s Travel Gift program during the COVID experience of 2020.
The Icelandic government gave the nation gift cards to spend on tourism, a move aimed at helping the Icelandic tourism sector survive the pandemic. To this end, the government handed out travel gift cards worth 5,000 ISK (approximately $40) to individuals with legal residence in Iceland, who were born in 2002 and earlier.
Speaking on the launch of new payment cards, CEO and co-founder of YAY Moments, Ari Steinarsson says YAY Moments has offered gift cards with unique codes, but with the introduction of payment cards, the company aims to make it even easier for users to utilize their gift cards. Steinarsson explains, with this new method, users can make payments at any store or online, just like using any other payment card. According to him, the payment card feature will soon be available on the YAY Moments app, providing a seamless experience for all users.
CEO and co-founder of YAY Moments, Ari Steinarsson
“The primary objective is to simplify the process of using gift cards in online shopping and enable users to add additional funds to the card if they wish to purchase beyond the gift card value. A frequent challenge with gift cards, especially for online shopping, is the limited options to split payments or use them for transactions exceeding the gift card value. By allowing users to load additional funds onto the gift card, we eliminate the issue of leaving unused amounts on the Gift cards, marking a significant breakthrough in the industry,” said Ari Steinarsson, CEO of YAY Moments.”
Steinarsson explains that YAY Moments has been gaining traction recently and expanding into new markets, including Canada and Republic of Ireland, as well as more countries in Scandinavia. He notes that one of the remarkable features of YAY Moments payment card system is the real-time tracking of all gift cards in the YAY Moments app. According to him, unlike traditional gift cards issued by banks and retailers where users receive separate physical cards for each voucher, YAY Moments’s innovative solution aggregates all Gift cards within the app, meaning users can instantly see the combined value of their Gift cards and utilize the payment card to spend them in one go, both in-store and online.
On modalities, Steinarsson stresses that all personalized greetings and messages associated with the gift cards will remain accessible in the app, allowing users to cherish the heartfelt sentiments even after using the Gift cards.
“Our approach is unique in the market, and we haven’t seen any other company doing it quite like us,” he says.
As YAY Moments prepares to enter the Canadian and European markets, Steinarsson emphasizes the brand’s scalability and ease of idea implementation for new markets. He extols the payment card’s versatility and how the user-friendliness of YAY Moments payment card solution makes this concept particularly appealing for online shopping experiences.
