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.