The adoption of person-to-person (P2P) applications is gathering momentum. In support of this trend, Italian P2P provider SIA will be expanding its product branded Jiffy into Germ
Jiffy originally launched in Italy in October 2014, and works by linking a phone number to the IBAN code of an account. This allows users to select a recipient from their personal contacts, choose the amount, write a text message (optional) and hit ‘send’. So far it is used by 50 banks. SIA claims that it will create for the first time a P2P payment service which can be easily used throughout Germany.
Like some of the P2P services in the U.S., this solution appears to be restricted to just domestic use and requires that both the sender and recipient are bank account owners.
Overview bySarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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