Competitor Profile: Jiffy

Competitor Profile: Jiffy

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 5 million users. 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. 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.

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, including its revenue model
- The company's important events and milestones

Scope

- In October 2014, Jiffy was launched in Italy.
- Jiffy’s P2P money transfer service enables users to send and receive money in real-time using a smartphone.
- In July 2018, Bancomat Pay integrated with Jiffy, allowing users to transfer money between private citizens, purchase goods and services at retail stores, and make payments to central and local administrative bodies.
- In August 2018, SIA partnered with Azienda Transport Bergamo and UBI Banca to enable customers to purchase tickets for Bergamo public transport using Jiffy.

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.