The partnership is based on a P2P service developed by SIA to send and receive cash from a smartphone. The service is called Jiffy.
The pilot phase has begun in Milan and Bergamo. Other major Italian banks have expressed interest in offering the service by the end of 2016.
With this new system, customers can identify the merchant via app using geolocalization, store search or directly at the point of sale by scanning the QR Code, enter the amount to pay and activate the cash transfer operation with a click. The merchant sees the payment in real time, checks the amount and confirms the transaction, with immediate availability of the sum on the current account. At the end, notification regarding the outcome of the operation is sent automatically to both the customer and the store, together with confirmation of the executed payment to the acquirer bank.
Jiffy is available for smartphones with Android, iOS and Windows Phone operating systems. The service can be used by anyone who holds a current account at a participating bank. To activate Jiffy, users need to register on the bank website and download the app provided by the bank itself.
SIA is a European design, creation and management of technology infrastructures and services provider for financial institutions, central banks, corporates and public administration bodies, in the areas of payments, e-money, network services and capital markets.
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