Multi-bank mobile banking application Chillr has launched a product called Mass Pay which allows a corporate customer to push out payments to multiple vendors and disbursements. Chillr says that the product is currently in beta testing and has about eight clients on board.
— Sony Joy (@sonyjoy) April 18, 2016
The company says that the product has different use cases such as pushing out commissions and incentives to agents, micro-loans disbursement and vendor payments. So far, Chillr has signed up companies such as Dunzo (hyperlocal delivery company), EnCashea (online marketplace for scrap), and Buddy (a microlending platform).
Speaking to MediaNama, Chillr CEO Sony Joy described the product as “bulk SMS for payments”. The product runs on the IMPS platform and hence payments are instant.
Clients can integrate the API into their app to make payouts. Here’s the API documentation for the same. They can also upload a .csv file with details of the payout on a web app. The payments need to be authenticated via a mobile PIN. The .csv file needs to have account details and IFSC code. Chillr says that it can make a payout as small as Re 1 to audiences. Joy added that once the Unified Payments Interface (UPI) matures, payouts can be made to an alias.
Joy added that the company will be coming out the final product by the second week of May.
Joy also said that the company is working a product called Mass Collect where a client can initiate a pull-based payment from different users. The product too will be running on the IMPS platform and sounds a lot similar to what the UPI is trying to do.
In October 2015, Chillr raised $6 million in a Series A round of funding from Sequoia Capital. 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. Chillr had initially tied up with HDFC Bank for its mobile banking solutions and has since tied up with seven more banks.