chillr

Multi-bank mobile banking app Chillr has tied up with HDFC Bank to both send and receive money over the platform. According to the startup, the app will remove OTP requirements and the need to remember account number and passwords for HDFC Bank users.

On downloading the app, users have to verify their mobile numbers and choose their bank. The app allows users to pick pretty much any bank in the country, however as of now only HDFC Bank customers can carry out outgoing transactions, while customers of other banks can only receive money. The app also claims to allow users to send money to others near them, without knowing their phone number.

According to the company, its currently in discussions with more than 15 banks for integration although it did not name any of them. As for charges, Chillr claims it does not charge end-customers or banks for transactions, however individual banks are free to levy transaction charges on customers, which usually range around Rs 3-5 when applicable. According to the company it requests banks to keep transactions free of cost, to promote digital transactions.

The app also allows users to recharge mobiles, data cards or DTH accounts directly through their savings accounts. All transactions are authenticated through a 4-digit MPIN issued by the bank, similar to PIN numbers that come with debit/credit cards, to avoid fraud. The app is currently available on Android, with an iOS and Windows app coming soon.

The app is pretty interesting, users with accounts in multiple banks will be able to access all accounts through a single app. Additionally, such an app would reduce the need of third party ‘wallets’ as users can use directly pay for utilities through their bank accounts. However the success of the app will largely depend on how many banks it can get aboard.

Chillr was initially incubated by MobME Wireless Solutions Ltd as a product, however post development, it was spun off as an independent entity in December 2014. Note that in January last year, MobME Wireless has postponed its IPO plans and raised $3 million in angel funding instead.

Competition:

– Last month, Kotak Mahindra Bank launched a new savings account product aimed at the tech-savvy crowd. The new product known as Jifi Saver can be managed via a customer’s Twitter and Facebook pages. The bank had also launched KayPay, a bank agnostic payment product for Facebook users to send money to each other.

– ICICI Bank had also introduced a number of banking transactions on Twitter in January. The service named icicibankpay, will allow its customers to transfer money, recharge prepaid mobiles, check account balances and the last three bank transactions over direct messages (DM) on Twitter. Earlier in 2013, the bank had launched a Facebook application called Pockets which allows people to conduct banking transactions without leaving the Facebook site.

Corrigendum: Chillr does not charge banks for the transaction, as the story previously mentioned. Our apologies for the errors. The story has been edited accordingly.