spotlight: mobile payments
IBS Journal September 2015
‘We firmly believe that P2P solutions are
driven by market needs and consumers’ expectations. This means that, at this point of development, revenues are not the primary goal in marketing a P2P service.’
Massimo Tessitore, Intesa Sanpaolo
the app in just a few steps in the same time as for an ordinary SCT’. If the recipient is a UBI Pay customer, the money is transferred to their account in real time 24×7. If the contact is not a UBI Pay customer the money will arrive the fol- lowing working day. There is a ‘small charge’ for the service,
says Rizzotti. Customers can either pay for each transaction or opt for a monthly flat rate. The app is available on the iOS,
Android and Windows smartphones. ‘In just a few months since its launch, it has been downloaded and used by tens of thou- sands of customers,’ Rizzotti claims. Intesa Sanpaolo has also integrated
the Jiffy offering into its mobile app, ‘as our mobile strategy is to have only one entry point through the customer’s smartphone’, says Massimo Tessitore, head of integrated channels at the bank. ‘The app has a dedi- cated module for mobile payments, includ- ing Jiffy and contactless, we’ve designed this module easy to enter – by using a fast login – to allow speedy, daily purchases.’ He says the integration of Jiffy was
straightforward as the service is web- based. ‘The IT development was complet- ed smoothly,’ he comments. ‘Our efforts have been focused, on the one hand, on the development of an integrated and per- sonalised front-end for an easy user experi- ence, and on the other hand to guarantee our internal level of security.’ There is no cost for joining the service,
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dubbed JiffyPay, at Intesa Sanpaolo. ‘Receiv- ing a P2P payment is always free of charge, sending a P2P payment is free for amounts under €50, as our aim is to help the bank to reduce the costs of cash management,’ Tessi- tore says. The pricing of transactions above €50 is aligned to the SCT charges. ‘We firmly believe that P2P solutions
are driven by market needs and consumers’ expectations. This means that, at this point of development, revenues are not the prima- ry goal in marketing a P2P service although both participant banks and SIA aim to build a framework sustainable in terms of costs for all the different parties,’ he concludes. Unicredit has just launched its Jiffy
offering for the domestic market and has far- reaching plans for it. ‘We are planning to implement it across our network of 17 coun- tries in Europe,’ says Eugenio Tornaghi, head of global cards and mobile payments, Unicredit. ‘We are also aiming at a cross-border utilisa- tion. Think about remittances, for instance.’ The aim is to capture payments that
are still done entirely by cash, says Tor- naghi, for day-to-day activities like sharing a bill in a restaurant or giving pocket mon- ey to children. There will be a charge for cli- ents and the service will be integrated into a payment app that will be ready by Q1 next year. Until then, users have to down- load and install a specific ‘send money’ app. The implementation of the Jiffy solution
at Unicredit did not pose any major problems (‘if not the usual ones’), Tornaghi says. ‘The
© IBS Intelligence 2015
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fact that Jiffy utilises the SCT service, is, in my opinion, the key success factor. ‘We consider the implementation in
Italy as a footprint, and SIA more a partner than a provider.’
Jiffy: how it works
Jiffy is available as an app on Android, iOS and Windows Phone operating systems and is designed to allow real-time P2P (cur- rent account to current account) money transfers using SCT standards. The service can be accessed via a stan- dalone app or integrated into the banks’ existing mobile apps. Once a customer is logged in, Jiffy will display their personal contacts list and automatically show which of their contacts are also signed up. The cus- tomer then selects the person they would like to send money to, enters the amount and has the option to send a text message, before clicking to complete the transaction. The service has a similar concept to the
Whatsapp messaging tool. It also compares to the Paym service, which was set up by the UK Payments Council last year. Jiffy users can also make payments to
contacts that do not bank with an institu- tion that recognises Jiffy. This is because the system works with an International Bank Account Number (IBAN), so payments can be made directly to a pre-paid card associated with an account that contains an IBAN.
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