Braintri’s Jiffee app puts a payment terminal on any device – anywhere, anytime

Braintri’s Jiffee app puts a payment terminal on any device – anywhere, anytime
05.03.2018 10:39 am

Braintri’s Jiffee app puts a payment terminal on any device – anywhere, anytime

Payments , Mobile Banking

Jiffee, the contactless mobile payment solution that won the Best of Show award at Finovate Fall 2017, will present its revolutionary Bluetooth-based tap & pay technology to more than 1,400 fintech professionals in London on 6 March.

Jiffee, from Warsaw-based Braintri, allows customers to pay with any Android or iOS phone, and merchants can accept payments on any device, including electronic cash registers, POS terminals, tablets and their own phones. Jiffee’s use of Bluetooth Low Energy technology gives it several advantages over near-field communication (NFC), the decades-old technology used in contactless payment cards. While Bluetooth has greater range than NFC, Jiffee’s proprietary technology ensures payments go only to the intended device.

“Our patent pending technology allows us to determine the phone’s location with respect to the payment terminal in three-dimensional space, ensuring your payment goes exactly where you want it to,” said Braintri co-founder Wojciech Zatorski. “Jiffee also allows merchants to incorporate loyalty programmes into the payment app, offering seamless application of discounts and accumulation of points during transactions, and precisely targeted customer communication at any time through in-app notifications.”

After receiving more than EUR 1 million in innovation funding from the EU, Jiffee is seeking clients at Finovate Europe such as large retail chains who are looking to reduce transaction costs, and local payment schemes that would like to offer Jiffee in addition to their standard products.

Jiffee is arriving on the scene just as the EU’s new Payment Services Directive (PSD2) is opening up the market for new forms of payment. Under the rules, which took effect on 13 January, open APIs will allow any registered organisation to charge customers’ bank accounts directly. That allows retailers to save on processing fees that they pay to card processors today.

 Jiffee’s incorporation of loyalty and discount programmes also speeds up the payment process, allowing merchants to serve more customers in less time. And in addition to offering payments from phones to other Bluetooth-equipped devices, Jiffee provides an adapter that plugs into older cash registers or POS terminals, allowing them to accept wireless payments.

“By allowing any Bluetooth device to become a payment terminal, Jiffee opens up new possibilities for vendors at farmer’s markets and similar locations,” said Maciej Stępień – CEO and co-founder of Braintri, who will present with Zatorski in London. “We also think it will be a hit with providers of food delivery, vending machine operators and anyone else who needs to accept payments without a traditional storefront location.”

Jiffee’s use of Bluetooth helps avoid common problems with NFC on phones, including its limited availability. Unlike the universally available Bluetooth, NFC is only offered on 10-20% of mobile phone models.

Braintri provides solutions in three areas: mobile applications, payments and big data. Braintri was part of the team that created BLIK, a mobile payments application used by banks with more than 80% of the bank accounts in Poland.

Related News

Four in ten companies up R&D spending to take advantage of new technology

New research from Barclaycard, which processes nearly half of the nation’s credit and debit card transactions, shows how Chief Information Officers (CIOs) are driving rapid... Read more »

Ivy Launches IvyPay as Global Adoption of Crytocurrency Increases

The mass adoption of cryptocurrency is a step closer today, following the launch of IvyPay, a platform built by blockchain-... Read more »

Payments Jury Finds Confidence in Domestic Schemes is at All-Time High

90% of schemes think prospects have improved thanks to member banks and regulators increasing support as they diversify beyond card-only payments

The Payments... Read more »

Common Ground with Startups

When large organizations – complex in structure and deliberate with their decision-making – and startups – rapidly-paced innovators with powerful technologies – sit at the same... Read more »

Research finds lack of merchant awareness limiting impact of Visa Claims Resolution (VCR)

The introduction of the Visa Claims Resolution initiative (aka, VCR) in April 2018 was heralded as a significant development for the payments industry. However, almost six... Read more »

Big Apple welcomes Renovite Technologies to Quality Assurance in Fintech and payments summit

Leading global payments and cloud specialist Renovite Technologies will be in New York later this month to present and discuss the growing importance of Quality Assurance in... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App