wordpress blog stats
Connect with us

Hi, what are you looking for?

Chillr starts UPI payments with HDFC Bank

Payments application Chillr has launched Unified Payments Interface (UPI) payments from HDFC Bank. The addition of the UPI for Chillr was a natural extension. It started as a multi-bank payment app running on the IMPS platform and had 11 banks which could carry out outgoing transactions, while customers of other banks could only receive money.

Remember, the UPI was built on the existing IMPS infrastructure and Chillr had demonstrated many of the functionalities of the UPI – like linking a mobile number on contacts list to a bank account, sending money out, collect requests etc. Now with the UPI integration from HDFC Bank, Chillr will be allowed to link bank accounts from 44 banks which are on the payments platform.

The payments app said that it is looking to increase its customer base three fold and is conducting monthly transaction value of over Rs 500 crore.

Note that the UPI is available on HDFC Bank’s mobile banking app. It is yet to roll out the UPI on its PayZapp wallet. In contrast rival ICICI Bank has rolled out the UPI on four mobile applications – Pockets (wallet app), iMobile (banking app), EazyPay (for merchants), and Mera iMobile (UPI app in 11 languages). Meanwhile, YES Bank said that it is building an ecosystem of 50 UPI apps last year.

Mass Pay: Note that in August 2016, Chillr launched a product called Mass Pay which allowed corporate customer to push out payments to multiple vendors and disbursements. The product had different use cases compared to P2P payments and can be used to push out commissions and incentives to agents, micro-loans disbursement and vendor payments. Clients had to integrate an API to app to make payouts. They had to upload a .csv file with details of the payout on the web app but the .csv file needed to have account details and IFSC code. At the time, CEO Sony Joy said that once the UPI matures, payouts could be made to an alias.

Chillr funding: In October 2015, the compnay raised $6 million in a Series A round of funding from Sequoia Capital. It 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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

Digital payment adoption has grown significantly in the last year, reflecting a secular trend among Indian consumers and businesses, TR Ramachandran VISA Inc’s group...

News

While traditional lenders have historically ignored small businesses, merchants and some customer segments, payment players have banked on the swaths of data they have...

News

BharatPe has raised $20 million (₹139 crore) through a debt funding round from Alteria Capital and ICICI Bank. The merchant-focused loan and payments app...

News

The Delhi High Court on Monday stayed a penalty issued by the Finance Ministry’s Financial Intelligence Unit (FIU) against PayPal Payments Private Limited, the...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ