Icelandic telco Síminn ventures into payments with Enfuce credit cards

By Gloria Methri

Síminn Pay, the FinTech subsidiary of Icelandic telecommunication provider Síminn, has partnered with Enfuce to launch virtual credit cards and provide a seamless payment experience to its users.

Síminn Pay claims to be the first non-financial institution in Iceland to issue its own credit card, with the help of Enfuce. The virtual card can be managed through the Síminn Pay app, where users can adjust the sums of invoices during each payment cycle.

“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,” said Gunnar Hafsteinsson, Managing Director at Síminn Pay.

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 back-office services like fraud and dispute management. To modernise the payment experience, the Icelandic company can also add compatibility to leading mobile wallets through Enfuce.

Denise Johansson, Co-CEO and Co-Founder at Enfuce said, “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.”

“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. It means we can launch fast and commit to delivering customer value through our card,” added Gunnar.