HDFC Bank’s UPI Is Now Available On Chillr App Too
HDFC has now launched its UPI (Unified Payment Interface) service on Chillr App. Previously HDFC had its UPI on its own personal mobile app.
What Is This Chillr App?
Chillr App is a multi banking mobile app that enables the users to send and receive money from the contacts. But the main feature about this app that keeps it different from other online wallets is that all the fund transfers are between bank accounts. All the transactions happen directly from the user’s bank account. Hotel, flights, movies and deals are few common features of the app.
“The banking system in our country is old and it required innovation to fix basic gaps. Sending and receiving money is the most basic need for anyone with a bank account. The hassles we faced in our college days is what inspired us to think out-of-the-box for an easier, faster yet safer way to handle day-to-day transactions,” says Sony Joy, co-founder and CEO of Chillr.
Chillr is running over the Immediate Payment Service (IMPS) with 11 banks currently and has achieved the monthly transaction of Rs 500 crore.
Narrating the ‘Newton moment’, Sony says, “We got in touch with a dozen banks for partnership, mostly smaller ones, as we assumed they would be more open to experimenting. But to our surprise, it was the opposite. Smaller banks hesitated to try something new like Chillr. When we pitched to HDFC Bank’s top management, they were excited with the idea and decided to take it forward.”
UPI (Unified Payment Interface) is a system made by National Payment Corporation of India (NPCI) that allows the users to use multiple bank accounts into a single mobile application. The users can enjoy the various banking features, do their fund routing and payments in one roof. It also enhances the P2P lending i.e. ‘peer-to-peer’ lending of money.
Chillr app is looking for widening the strength of its customers by adding 33 more banks to its partner’s list. “With HDFC Bank UPI on Chillr app, the start-up’s base will expand three times as customers of over 33 more banks will be able to use it, in addition to the existing 11 banks.” The goal of Chillr App with the launching of UPI Chillr is to reach the total transactions of $1 billion (Rs 6,600 million) with million users on the list.
Credit, Savings, Insurance and Investments are few features coming soon in the app.
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