Nayax Ltd (NYAX): Embedded payments win-rate and what it means for revenue durability

Nayax Ltd monetizes through a blend of hardware-enabled payment terminals, recurring transaction processing fees, and platform services (telemetry, loyalty, analytics) sold to unattended-retail and EV charging OEMs and operators. Recent contract wins show a deliberate pivot from vending telemetry to becoming the preferred embedded payments partner for large EV charger manufacturers and rollouts, converting one-off device revenue into multi-year processing streams and SaaS-like telemetry income. For an institutional view of counterparty exposure and relationship mapping, see https://nullexposure.com/.

EV chargers are the growth vector; Nayax is selling into OEM channels

Nayax’s commercial model in 2025–2026 shifts emphasis toward embedding its EMV-certified readers and Commerce SDK inside EV chargers and charging networks. This strategy increases per-device lifetime value because embedded payments drive ongoing authorization fees, settlement flows and data services linked to charger uptime and customer engagement. The company’s market narrative now centers on scale partnerships with OEMs and major rollouts in North America and Europe rather than only traditional vending installs, improving visibility into future transaction volumes and platform revenue.

All reported customer relationships, one-by-one

Below I summarize every named customer relationship disclosed in the collected sources, with a concise citation for each.

ChartSmart

Nayax identified ChartSmart as a key customer in the DC fast-charging vertical, with ChartSmart committing to use Nayax as its preferred payment solution across its thousands of ports. This disclosure was made on Nayax’s 2025 Q3 earnings call (March 2026). (Nayax 2025 Q3 earnings call, March 2026)

Tritium

Nayax announced a global partnership with Tritium to enable card-present payments across Tritium’s fast-charger network in more than 50 countries, positioning Nayax as the embedded payments provider for Tritium hardware. (GlobeNewswire press release, Feb 2026; Investing.com coverage, May 2026)

ChargeSmart EV (also referenced as ChargeSmart / ChargeSmart EV)

ChargeSmart EV named Nayax its preferred cashless payments provider for the rollout of thousands of DC fast chargers in the United States and will deploy Nayax’s VPOS Touch readers and Commerce SDK. This long-term partnership was publicized in October 2025 and reiterated in Nayax’s subsequent corporate materials. (SimplyWallSt analysis referencing ChargeSmart EV announcement, Oct 2025; Nayax Q3 2025 investor release, Nov 2025)

Energy Plus / E‑Plug (Energy Plus NY / E‑Plug)

Energy Plus (branded E‑Plug in New York) signed a long-term agreement naming Nayax as the preferred end-to-end solution provider to support deployment of thousands of AC and DC chargers, committing Nayax to a national roll-out program. This partnership was announced in a Nayax press release in March 2026 and has been cited in analyst coverage. (GlobeNewswire press release, Mar 2026; Jefferies/InsiderMonkey note, May 2026)

Autel Energy (Autel)

Nayax struck a strategic partnership with Autel Energy to embed Nayax’s payment technology into an estimated 100,000 Autel EV chargers planned for deployment across North America and Europe, a contract the company has highlighted across multiple public releases and trade publications. Autel represents a material scale opportunity given the 100,000‑unit figure disclosed by Nayax and trade press. (Nayax Q3 2025 results, Nov 2025; DigitalTransactions coverage, Jan–Mar 2026)

Integral Vending

Nayax signed a non‑binding letter of intent and exclusivity to acquire Integral Vending, which acts as Nayax’s exclusive distribution partner in Mexico, signaling consolidation of channel distribution in that market. This intent was disclosed in the Q3 2025 results release. (Nayax Q3 2025 results, Nov 2025)

AZ (A2Z Cust2Mate)

Nayax provided the on‑cart payment and software solution for A2Z Cust2Mate 3.0, enabling a "pick-and-go" shopping proposition through on‑cart hardware and payments integration. This partnership was announced in September 2024 and remains part of Nayax’s retail payment footprint. (GlobeNewswire press release, Sep 2024)

Notes on duplicate entries: multiple press and trade articles repeated the Autel, Tritium and Energy Plus partnerships; the summaries above consolidate those references while preserving each original disclosure.

What these relationships tell investors about risk and contract posture

• Contracting posture: OEM-first, preferred-supplier arrangements. Nayax is winning preferred-provider language and embedded integrations with OEMs and national rollouts, shifting revenue toward longer-duration technical relationships that include device embeds and recurring processing.
• Concentration and revenue mix signal. The disclosed pipeline is EV charging‑centric; while the vending business remains relevant, near-term revenue growth and scale are concentrated in a handful of large OEM relationships, creating client concentration risk if one OEM under‑delivers on units placed.
• Criticality increases with embedded payments. Embedded readers and Commerce SDKs convert Nayax into a mission‑critical supplier for charger OEMs; that improves bargaining power for platform fees but raises execution risk tied to hardware delivery schedules, certification and integrator support.
• Commercial maturity vs. execution risk. The partners are leading, established OEMs and national operators, which accelerates go‑to‑market scale; however, embedding payments across multiple multinational OEM stacks demands execution across certifications, certifications and settlement rails.

There are no separately reported contractual constraints or vendor-level compliance caveats disclosed in the relationship data set; the public record for these deals focuses on preferred-provider appointments and volume expectations rather than restrictive covenants or named operational constraints.

Investment implications and risk framework

• Upside: If Nayax converts embedded installs into recurring processing and telemetry fees at scale, revenue visibility and gross margin should improve materially; the Autel 100k install metric is a significant leading indicator for transaction volume. (Nayax Q3 2025 results; DigitalTransactions)
• Downside: Execution risk on large OEM integrations, potential margin pressure if payments commoditize in EV charging, and client concentration tied to a few large programs create downside volatility. Investors should monitor rollout cadence and transaction take rates rather than vanity device counts alone.

For a practical exposure map and to track updates to these named partnerships as filings and press releases are posted, visit https://nullexposure.com/.

Bottom line

Nayax has moved decisively into the EV charging ecosystem and secured preferred‑supplier status with multiple OEMs and network operators. That shift converts one-time hardware revenue into a higher-proportion recurring payment stream and telemetry SaaS opportunity, but concentrates execution risk in a small number of large integrations. Investors should evaluate near‑term upside against integration timelines and monitor actual device activations and processed transaction growth as the principal proof points of durable revenue expansion.