Italian payment processor SIA has launched a SEPA-compliant smartphone-based mobile money transfer service, enabling users to send and receive money in real time to and from their phone contacts. The ‘Jiffy’ app, which utilises SEPA credit transfers, is available on Android, iOS and Windows Phone operating systems.
The Jiffy app links users’ current accounts, the IBAN code of the account and the customer’s phone number. Within the app, users can select the recipient from their contacts list, enter the amount and send. Recipients also need to be registered with the service to have the funds transferred. The app includes a registration invite.
Italy’s UBI Banca will roll out the service across its network following a successful pilot trial in Bergamo. SIA says other major banks have signed , representing a market share of approximately 60% of all domestic current accounts.