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Jiffy: Competitor Profile

May 2020 | 12 pages | ID: JAC11898F3B1EN
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Jiffy: Competitor Profile

SUMMARY

Jiffy is an Italy-based mobile payment solution developed by SIA in October 2014. It is one of the leading P2P payment solutions in Europe with over 5 million users. The solution allows users to make P2P transfers in real-time on their smartphones. Jiffy allows money to be transferred by selecting the recipient from a mobile phone address book.
SIA collaborates with Italian banks, which offer Jiffy as an additional service through their mobile banking apps. Transfers using Jiffy can be made through bank apps once both sender and recipient are registered with Jiffy and have linked their mobile phone number and IBAN code. 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 over 130 banks, including Banca Mediolanum, BNL, Banca Popolare di Sondrio, Hello bank!, Inbank, Intesa Sanpaolo, Raiffeisen, UBI Banca, and UniCredit. Jiffy is open to all banks operating in the Single Euro Payments Area - meaning it has a potential user base of over 400 million European current account holders. In July 2019, SIA announced the rebranding of Jiffy to BANCOMAT Pay, although the Jiffy brand and its website are still operational.
The report provides information and insights into 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
  • The company's important events and milestones
SCOPE
  • In October 2014, Jiffy was launched in Italy.
  • In June 2016, Jiffy launched a pilot for C2B payments in Milan and Bergamo, allowing users to make in-store payments at participating merchants using the Jiffy app.
  • In July 2018, BANCOMAT S.p.A announced a collaboration with SIA to integrate Jiffy services into its mobile payment service. This enables users to transfer money to individuals, purchase goods and services at retail stores, and make payments to central and local administrative bodies.
  • In July 2019, Jiffy was rebranded as BANCOMAT Pay.
REASONS TO BUY
  • Gain insights into Jiffy's business operations and key events.
  • Gain insights into its product portfolio.
  • Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Overview
Benchmarking
Products & Services
Significant Events
Partner Banks & Financial Institutions
Appendix

COMPANIES MENTIONED

Jiffy
Blik
Pingit
SIA Group
BANCOMAT S.p.A
Intesa Sanpaolo
Carrefour


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