Italy’s payment services provider SIA said that Jiffy, its service to send and receive money in real time from a smartphone using the cellphone number, has topped 4.2m users. “A significant increase that makes Jiffy the leading ‘person to person’ (P2P) digital payment service in the euro area and the second largest in Europe after Swish (5m), active in Sweden and ahead of Paym (3.5m) in the UK, added Milan-based SIA, which developed Jiffy with Germany’s GFT Technologies.
Data on payments made with Jiffy shows the average value of a single transaction is about €50, while transfers under €25 represent 40% of the total. In all, 23 bank groups have joined SIA’s P2P service since it was launched on the Italian market. Jiffy is available to 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. Jiffy will shortly be available to customers of Banca Popolare di Sondrio, Sparkasse and Volksbank Banca Popolare.
Neil Dyke, who joins the company as its new chief technical officer, was previously chief information officer for GE Money Home Lending.
A partnership between broker Bitpanda and the network means that the virtual currency can be purchased at more than 1,800 post offices across the country.
The Swiss initiative to encourage fintech start-ups has announced its shortlist for this year from over 1,500 applications.
Six Swiss multinationals - including ABB, Nestle and Roche - have urged banks to use the global payments innovation service to improve cross-border payments.