Alternative Payment Solution: Jiffy
Jiffy is an Italy-based mobile payment solution developed by SIA in October 2014. It is one of the leading peer-to-peer (P2P) payment solutions in Europe with 4.2 million users, second-highest in the region after Swish and ahead of the UK’s Paym. The solution allows users to make P2P transfers in real-time on their smartphones. Jiffy allows money to be transferred simply by selecting the recipient from a mobile phone address book.
To make this solution available to customers SIA collaborates with Italian banks, which offer Jiffy as an additional service through their mobile banking apps or internet banking webpages. Transfers using Jiffy can be made through bank apps and internet banking once both sender and recipient are registered with Jiffy and have linked their mobile phone number and IBAN code. It works on compatible iOS, Android, and Windows mobile devices. In August 2017, Jiffy extended its services for in-store payments. After a successful pilot in Milan and Bergamo, Jiffy has now commercially launched consumer-to-business (C2B) transfers. This enables its users to make in-store payments in real-time via Jiffy using QR code, geolocation, and NFC technologies.
Jiffy is now supported by 19 banks: Banca Mediolanum, BNL, Banca Popolare di Sondrio, Cassa Centrale Banca, CheBanca!, Credit Agricole Cariparma, Credit Agricole Carispezia, Credit Agricole Friuladria, Gruppo Banca Carige, Hello Bank!, Inbank, Intesa Sanpaolo, Monte Dei Paschi Di Siena, Raiffeisen Bank, Sparkasse, UBI Banca, UniCredit, Volksbank Banca Popolare, and Widiba. While the solution is concentrated in Italy, SIA plans to expand it to other European markets in the future. Jiffy is based on SEPA standards, and any bank within SEPA can sign up for the service.
The report provides information and insights into alternative payment solution Jiffy, including -
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook