Your cash will be there in a 'Jiffy': SIA launches mobile money service

Your cash will be there in a 'Jiffy': SIA launches mobile money service

Italian payment processor SIA has launched a Sepa-compliant mobile money transfer service which lets users send and receive money in real time on their smartphone to and from their phone contacts.

The new 'Jiffy' app, which applies Sepa Credit Transfers, is available for smartphones using Android, iOS and Windows Phone operating systems.

The Finextra TV crew caught up with SIA's senior vice president Nicola Cordone and CEO Massimo Arrighetti at the Jiffy launch in Milan.

Much like the UK-based Paym system, Jiffy users needs to be the holder of a current account at a bank subscribing to the service. The system links the Iban code of the account to the customer's phone number.

Within the app, users can select the beneficiary from their contacts list, enter the amount - and a text message if required - and press send. Recipients also need to be registered with the service to have the funds transferred and the app includes a registration invite.

UBI Banca is to roll out the service across its network following a successful pilot trial in Bergamo. SIA says other major banks have signed , representing a market share of approximately 60% of all domestic current accounts.

As a Sepa-compliant process, the system can also be extended across the Eurozone, says SIA, and used by over 400 million European current account holders.

Comments: (1)

Nandu Kulkarni
Nandu Kulkarni - Antarnaad Creative Software Solutions Pvt. Ltd. - Pune 16 October, 2014, 13:42Be the first to give this comment the thumbs up 0 likes

This is very similar to the Immediate Payment Service (IMPS) launched by the National Payments Council of India a couple of years ago. IMPS, however cannot be used to transfer funds to non-participating banks at this time.