Israeli startup for gifting solutions Jifiti is widening its partnership with the credit giant MasterCard. The new agreement makes the fintech company a central link in the consumer financing gifts that made in physical or online shopping.
Jifiti’s no-integration technology allows the sender to browse through stores and brands gifts and filter them by the retailer, the age of the recipient, gender and budget. Consumers may send gifts to their loved ones without knowing details such as shipping address, size, color or style.
Jifiti also allows retailers to offer customers to purchase products through payment credit without the transaction going through the store’s checkout system. The company connects the customers to various lenders and allows the retailer to offer loans in the physical or online store.
Jifiti also turns to tens of billions of dollars market share of couples who have gift registry for marriage. The technology lets couples to purchase the gifts they have requested but no one has given it to them.
One more option is to make any product in the store a digital gift that a customer can email, and the recipient can receive it or exchange it for cash at an equal value. This option is available only in the US, in retail chains such as Nike, Sephora and IKEA.
Warren Buffett’s Nebraska Furniture Mart and more.
The MasterCard collaboration is based on a technological infrastructure that was built together with the credit giant in recent years and was first implemented in IKEA stores in the US.
Earlier this year MasterCard gave Jifiti a license to operate outside the US without requiring a backup bank. In the new agreement, MasterCard will market Jifiti’s technological solution for connecting different banks and lenders to all the retail stores the company works with around the world.