Banca Popolare di Milano moves into P2P mobile payments with SIA's Jiffy

Source: SIA

Banca Popolare di Milano launches for its own customers and for those of Webank a new service called “DailyPay” which permits them to make instant “Person to Person” (P2P) payments simply and quickly.

With “DailyPay”, which is based on the “Jiffy” service developed by SIA and open to all the banks in the Single Euro Payments Area (SEPA), users can send and receive money in real time from their smartphone. The beneficiary is identified by their phone number and the transfer of money is immediate: the sender and receiver are sent a notification when the transaction takes place and it appears directly among the transactions on their respective current accounts. It is also possible to invite other contacts not yet signed up to join the Jiffy service.

In this way, BPM aims at innovation by offering its clientele this new P2P payment method to promote the utilization of digital instruments that are quick and easy to use. The transfer of money, based on a SEPA credit transfer in real time, takes place in a secure manner through SIA’s “Jiffy” service which associates the IBAN code of the current account with a phone number.

With Dailypay, the customer also has the option to make money transfers in two innovative ways that are unique in the Italian banking scenario - via QR Code and with a collection function. In the first case, current account holders with BPM and Webank can request money by showing a QR Code with the details of the transaction. The debtor need only aim the smartphone at the creditor’s QR Code and authorize the transaction.

The other way to receive a payment is to create an online money collection via the “collection” function, deciding the reason for payment and the total amount to be reached, inviting friends and family to take part, up to a maximum of twenty people, and monitoring the progress. Upon receipt of each individual sum, the app proceeds to deduct it automatically from the total of the collection, using a code associated with it.

This latter function serves to make the application particularly social, increasing the occasions for interaction and contact between customers of the Bank.

“DailyPay” is available for Android and iOS smartphones, free of charge till the end of the year, directly from the BPM and Webank mobile apps.

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