Jiffy, the service developed by SIA to send and receive money in real time from a smartphone, has topped 400,000 registered users. The average value of an individual transaction is 53 euro, while transfers under 25 euro represent 42% of the total.
23 bank groups have joined the SIA “Person to Person” (P2P) payments service since it was launched on the Italian market. Jiffy is currently available to the current account holders of BNL, Banca Popolare di Milano, Cariparma, Carispezia, Cassa Centrale Banca, Che Banca!, Friuladria, Gruppo Carige, Hello bank!, Intesa Sanpaolo, Banca Mediolanum, Monte dei Paschi di Siena, Banca Popolare di Vicenza, UBI Banca, UniCredit, Webank and Widiba. Soon, Jiffy will also be available to Banca Popolare di Sondrio, Raiffeisen, Veneto Banca and Volksbank Banca Popolare. Once all of these banks have signed up, the service will be available to over 32 million Italian current accounts, equal to more than 80% of the total.
PILOT PHASE IN MILAN AND BERGAMO FOR PAYMENTS IN STORES
Following on from “Person to Person” cash transfers, Jiffy is now also available for payments in stores. Indeed the pilot phase has already started up, in the cities of Milan and Bergamo, of the “Person to Business” (P2B) project that enables customers to pay by smartphone at stores subscribing through UBI Banca.
JIFFY IS ALREADY SET UP TO SEND AND RECEIVE MONEY IN EUROPE
Today Jiffy is the leading money transfer service in the euro area with the highest number of subscribing banks. Compliant with the standards of the European Retail Payment Board (ERPB), it is already set up to be integrated with the pan-European instant payments infrastructure which will be completed by EBA Clearing by 2017.
Based on SEPA money transfer, Jiffy is open to all banks operating in the Single Euro Payments Area, potentially usable by over 400 million European current account holders.
HOW JIFFY WORKS
Thanks to Jiffy, to transfer cash users simply select the receiver from the personal contacts list on their smartphone, enter the amount, a message if desired and with a click the money is immediately sent and can instantly be used by the beneficiary.
To activate Jiffy, the user needs to register on their bank’s website and download the App provided by the bank itself.