Jiffy, the service developed by SIA to send and receive money in real time via smartphone, at the end of December had reached over 250,000 active users.
The average value of a single transaction is €42 and around 50% of the transfers are for sums under €25.
Since its launch on the Italian market, around 50 banks have subscribed to SIA’s innovative “Person to Person” (P2P) payment service.
At present, Jiffy is available to the current account holders of BNL, Cariparm a, Carispezia, Che Banca!, Friuladria, Gruppo Carige, Hello bank!, Intesa Sanpaolo, Banca Mediolanum, Banca Popolare di Vicenza, UBI Banca, UniCredit and Widiba . Soon Jiffy will also be available through Banca Popolare d i Milano, Banca Popolare di Sondrio, Cassa Centrale Banca, Gruppo Poste Italiane, Monte dei Paschi di Siena and Veneto Banca .
Once all the banks are active, the service will be accessible by over 32 million Italian current accounts, equal to around 80% of the total.
Based on SEPA transfers, Jiffy is a service open to all banks operating in the Single European Payments Area and can potentially be used by more than 400 million European current account holders.
Thanks to Jiffy, to transfer funds users need only select a receiver from the personal contacts on their Smartphone, enter the amount, a text message if required, and with a click the money is immediately sent and can be used by the beneficiary straight away.
To activate Jiffy, users need to register on the site of their bank and download the App provided by the bank itself.