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Jiffy: More Than 4.2 Million Users

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 and Widiba.
Soon, Jiffy will be available to Banca Popolare di Sondrio, Sparkasse and Volksbank Banca Popolare.

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 financial services.

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