Alternative Payment Solution: Jiffy

Alternative Payment Solution: Jiffy

Summary

Jiffy is an Italy-based mobile payment solution developed by SIA S.p.A. in October 2014. It is one of the leading P2P payment solutions in Europe with 4.2 million users, the second-highest in the region after Swish, 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 the mobile's address book.

To make this solution available to customers, SIA has collaborated with Italian banks that offer Jiffy as an additional service on their mobile banking apps or internet banking webpages. Transfers using Jiffy can be made through bank apps or 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. Some banks also allow recipients to receive money by communicating their IBAN code to the sender's bank, in cases where people are not willing to sign up for Jiffy.

As of July 2017, Jiffy is supported by 23 bank groups in Italy, including: BNL, Banca Nuova, Banca Popolare di Milano, Cariparma, Carispezia, Cassa Centrale Banca, Che Banca!, Friuladria, Gruppo Carige, Hello bank!, Inbank, Intesa Sanpaolo, Banca Mediolanum, Monte dei Paschi di Siena, Banca Popolare di Vicenza, Raiffeisen, UBI Banca, UniCredit, Veneto Banca, WeBank, and Widib. Banca Popolare di Sondrio and Volksbank Banca Popolare are planning to join soon.

In June 2017, Jiffy extended its services for in-store payments. After a successful pilot in Milan and Bergamo in 2016, 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. In addition, users can transfer money directly to merchants using their mobile number - similar to existing P2P payments. The service was launched in collaboration with Intesa Sanpaolo and is offered to customers of this bank.

The solution is currently concentrated in Italy. However, SIA plans to expand it to other European markets. Jiffy is based on European SEPA standards and therefore can be offered by all banks operating within SEPA.

The report provides information and insights into alternative payment solution Jiffy, including -
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones

Scope

- Jiffy is an Italy-based mobile payment solution developed by SIA S.p.A. in October 2014.
- As of March 2017, Jiffy has 4.2 million registered users.
- In June 2017, Jiffy extended its services for in-store payments.
- As of March 2017, Jiffy is supported by 23 banking groups.

Reasons to buy

- Gain insights into Jiffy's business operations, and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.