Milan, 4 June 2018 – Jiffy, the service developed by SIA to pay, send and receive money in real time from one’s smartphone using the mobile number now has more than 5 million users also thanks to the recent boost given by UBI Banca and Gruppo Banca Carige to its spread among their customers.
According to the latest figures, the average value of a Jiffy transaction is around €50.
Following on from the “Person to Person” (P2P) payments available since 2015, last year Jiffy landed in Italian stores, enabling users to pay via app instantly and in total security, also at major retail chains like Iper, La grande i.
Jiffy can be used on smartphones with Android and iOS operating systems and stands out for its speed and user-friendliness. The user must hold a current account at a participating bank. To activate the service, the same user needs to register on his or her bank’s website and download the app provided by the bank itself.
To find out all the retail outlets where Jiffy can be used, just go to the jiffy.sia.eu website and enter a zip code, an address or the desired location on the map.
The payment is made at the store by scanning the QR Code created by the merchant at the time of purchase. More specifically, the merchant enters the amount of the sale and a QR Code is generated by the POS terminal or app in real time which the customer simply scans with his or her smartphone. Customers can then view the details of the payment on their app and authorize the transaction by fingerprint or PIN. Both the merchant and the customer receive notification in real time of the outcome of the transaction and the funds are immediately credited on the merchant’s current account.
To transfer cash via smartphone, the user simply selects the receiver from the personal contacts list available on the bank app, enters the amount, a message if desired and with a click the money is immediately sent and can instantly 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 through the app it will be possible to send a message to report its presence and the steps necessary to collect it.
Over 130 banks have already subscribed to SIA’s real-time payment service since it was launched on the Italian market.
Jiffy is available to current account holders at Banca Mediolanum, BNL, Banca Popolare di Sondrio, Cassa Centrale Banca, Che Banca!, Cariparma, Carispezia, Friuladria, Gruppo Banca Carige, Hello bank!, Inbank, Intesa Sanpaolo, Monte dei Paschi di Siena, Raiffeisen, Sparkasse, UBI Banca, UniCredit, Volksbank Banca Popolare and Widiba, in addition to the most recent arrivals Banca di Asti and Biver Banca.
Once all banks are active, the service will be available to more than 32 million Italian current accounts, equal to over 80% of the total.
JIFFY IS ALREADY SET UP TO SEND AND RECEIVE MONEY IN EUROPE
Based on SEPA money transfer and compliant with the Euro Retail Payments Board (ERPB) standards, Jiffy is a service open to all banks operating in the Single Euro Payments Area, potentially usable by over 400 million European current account holders.
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