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Italian P2P mobile payments app Jiffy tops 4.2 million users

Jiffy, the service developed by SIA to send and receive money in real time from a smartphone using the cellphone number, has topped 4.2 million 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 (5 million), active in Sweden, and ahead of Paym (3.5 million), present in the UK.
According to the latest figures on payments made with Jiffy, the average value of a single transaction is about 50 euro, while transfers under 25 euro represent 40% of the total.

To transfer cash via smartphone, users simply select the receiver from the personal contacts list available on the banking app, enter 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 receive it.

At present, 23 bank groups have joined the SIA “Person to Person” (P2P) payments service since it was launched on the Italian market. Jiffy is currently 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 also be available to Banca Popolare di Sondrio, Sparkasse and Volksbank Banca Popolare.

Once all of these banks have signed up, the service 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…

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