SIA Reveals “Person to Business” Service

SIA Reveals “Person to Business” Service
22.06.2016 12:00 pm

SIA Reveals “Person to Business” Service

Alternative Finance

Following on from “Person to Person” (P2P) payments, Jiffy - the service developed by SIA to send and receive cash in real time from a smartphone – comes to stores.

The pilot phase of the “Person to Business” (P2B) project has in fact begun in the cities of Milan and Bergamo, allowing customers to pay via app at participating retail outlets authorized by UBI Banca.

Other major Italian banks have expressed interest in offering the service by next autumn.

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.

In addition, thanks to the technological collaboration between SIA and Ingenico, with Jiffy it will soon be possible to make payments from smartphone directly to the store’s POS terminal enabled to receive money in real time on its current account, as well as the payments traditionally made with credit and debit cards.

Jiffy is available for smartphones with AndroidiOS and Windows Phone operating systems and is characterized by its speed and ease of use. 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.

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