Jiffy launches instant store payments in Italy

Jiffy, the service developed by SIA to send and receive money in real time via smartphone using just a user’s mobile number, has launched in more than 150 retail outlets in Milan, Rome and Turin.

The new service enables users to pay via app instantly and securely with those outlets that have signed up with Intesa Sanpaolo bank.

The payment is made at the store by scanning the QR Code created by the merchant at the time of purchase. The merchant enters the amount of the sale on its app and a QR Code is generated in real time which the customer simply scans with his or her smartphone.

The customer can then view the details of the payment on the app and authorises 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.

At present, Jiffy can count on over 4.2 million users and more than 120 Italian subscribing banks, making it the leading person to person (P2P) digital payment service in the Eurozone.

Jiffy is available to current account holders of Banca Mediolanum, BNL, Banca Nuova (Gruppo BPVI), Banca Popolare di Milano, Banca Popolare di Sondrio, Banca Popolare di Vicenza, Cassa Centrale Banca, Che Banca!, Cariparma, Carispezia, Friuladria, Gruppo Carige, Gruppo Veneto Banca, Hello bank!, Inbank, Intesa Sanpaolo, Monte dei Paschi di Siena, Raiffeisen, Sparkasse, UBI Banca, UniCredit, Webank and Widiba. Soon, Jiffy will also be available to Volksbank Banca Popolare and other Groups.

Once all banks are on board, the service will therefore be available to more than 32 million Italian current accounts, equal to over 80 per cent of the total.

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.