Jiffy, the service developed by SIA to send and receive
money in real-time via smartphone, has topped 4.2 million users.
A significant increase that makes Jiffy the leading P2P payment
service in the euro area and the second largest in Europe
after Swish (5 million), in Sweden, and ahead of Paym (3.5
million), in the UK.
According to the latest figures, the average value of a single
transaction is €50, while transfers under €25 represent 40%
of the total.
Users select the receiver from the personal contacts list
available on the banking app, enter the amount, and with a click the
money is immediately sent and can be used by the beneficiary.
If the beneficiary is the holder of a current account at a bank
subscribing to Jiffy, the debit and credit of funds will be immediate.
Otherwise, the payment will be put on hold, but via app it will be
possible to send a message to report its presence and the steps
necessary to receive it.
At present, 23 bank groups have joined Jiffy that is available to
the current account holders of BNL, Banca Nuova (Gruppo BPVI),
Banca Popolare di Milano, Cariparma, Carispezia, Cassa Centrale Banca,
Che Banca!, Friuladria, Gruppo Carige, Hello bank!, Inbank, Intesa
Sanpaolo, Banca Mediolanum, Monte dei Paschi di Siena, Banca Popolare di
Vicenza, Raiffeisen, UBI Banca, UniCredit, Veneto Banca, Webank
Soon, Jiffy will be available to
Banca Popolare di Sondrio, Sparkasse and Volksbank Banca
Once all of these banks have signed up, Jiffy will be available to
over 32 million Italian current accounts, equal to more than 80%
of the total.
Based on SEPA money transfer, Jiffy is open to all banks
operating in the SEPA area, potentially usable by over 400
million European current account holders.
Compliant with the
standards of the European Retail Payment Board, it is already
set up to be integrated with the pan-European instant payments
infrastructure, which will be completed by EBA Clearing by 2017.
Jiffy was developed with GFT, global provider of IT solutions for