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.
A collaboration between the payments services provider and the lender aims to offer funding for SMEs, particularly those in the eCommerce and eService industries
The new service will enable corporate treasurers to trace where an international payment is at any given time.
The pan-European exchange is paying US$153m to gain a 90% stake in the electronic communication network for foreign exchange trading.
The two say that their collaboration has created a “pioneering” institutional banking solution.