Mobile payments platform Jiffy has reached 4.2 million users, with 23 banks having joined parent company SIA’s network. The service is now the second-largest peer-to-peer digital payments service in Europe, after Sweden-based Swish. It has 700,000 more users than UK offering Paym.
According to figures released by SIA, the average transaction between users is €50, with transfers under €25 representing 40% of the total. Based on SEPA money transfer, Jiffy is open to all banks operating in the Single Euro Payments Area, giving it a potential use base of more than 400 million.
Compliant with the standards of the European Retail Payment Board (ERPB), it is already set up to be integrated with the pan-European instant payments infrastructure, which will be completed by EBA Clearing this year.