HDFC Bank introduces UPI platform on Chillr; likely to benefit 44 banks' customers

HDFC Bank on Friday announced the launch of Unified Payments Interface (UPI) on its multi-bank mobile payments banking app Chillr in Mumbai.

Chillr co-founder and chief executive officer Sony Joy (left) with HDFC Bank's country head-digital banking Nitin Chugh (R) at the launch of the bank's UPI platform on its app in Mumbai on April 7, 2017. Image Source: ZeeBiz WebDesk

Highlights:

1. The transactions conducted on Chillr will go through HDFC Bank's UPI platform

2. Chillr has witnessed monthly transactions worth Rs 3,000 crore from HDFC Bank customers alone

3. After UPI's launch, Chillr's users base will expand as customers of over 33 more banks will be able to use it

4. Chillr is targeting a monthly transaction value of $1 billion and 10 million transacting users by the end of 2017

With an aim to achieve the government's vision of cashless economy and to provide smooth digital transactions, HDFC Bank on Friday announced the launch of Unified Payments Interface (UPI) on its multi-bank mobile payments banking app Chillr in Mumbai.

The wait Is over! We’re proud to announce UPI is now live on Chillr! #ChillrOnUPI @HDFC_Bank pic.twitter.com/Ucn2anLBJG

— Chillr (@mychillr) April 7, 2017

"The launch of HDFC Bank UPI on Chillr will benefit customers of 44 banks that will now be able to conduct digital transactions seamlessely using the Chillr app," HDFC Bank and Chillr said in a joint press release.

Now introducing 44 major banks on Chillr! Link your account now! #ChillrOnUPI https://t.co/MbfWvrbihs

— Chillr (@mychillr) April 7, 2017

The transactions conducted on Chillr will go through HDFC Bank's UPI platform.

Commenting on the launch of UPI on its app, Chillr co-founder and CEO Sony Joy, said, "We are delighted to collaborate with HDFC Bank to introduce UPI on our app. HDFC Bank is the best partner bank a Fintech player can get. Together, we aim to disrupt not only the payments industry but also revolutionise other banking and financial services like credit, savings, insurance, investments and more."

"We were the first bank to partner with Chillr and with this launch, we are taking it to the next level," HDFC Bank's country head-digital banking Nitin Chug, said in a statement.

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In March 2015, HDFC Bank had partnered with Chillr to launch the mobile money transfer app on Android and iOS platforms.

"Chillr has witnessed monthly transactions worth Rs 3,000 crore from HDFC Bank customers alone," Chillr's Joy said while speaking at the launch of the HDFC Bank's UPI platform on its app.

Chillr is a Mumbai-based start-up company developed by MobMe Wirless Technologies in December 2013 and later on founded as an independent entity Backwaters Technology in December 2014.

Before the launch of HDFC Bank's UPI platform on its app, Chillr was providing Immediate Payment Service (IMPS) with 11 banks wherein it offered instant interbank electronic fund transfer service through mobile phones.

"With the HDFC Bank UPI on Chillr app, the start-up's base will expand as customers of over 33 more banks will be able to use it, in addition to existing 11 banks," Chillr said in a joint statement.

Chillr at present has monthly transaction value of over Rs 500 crore and has three million users on its mobile payments platform .

"With the launch of UPI, Chillr is targeting a monthly transaction value of $1 billion (nearly Rs 6,652.75 crore) and 10 million transacting users by the end of this year," Chillr said in a statement.

Chillr app links directly to one’s bank account and allows faster money transactions, such as money transfers, recharges and bill payments directly from the user’s bank account.

With the launch of HDFC Bank's UPI on Chillr app, it would be interesting to see how the app will now compete directly with Flipkart acquired UPI-based mobile payments company PhonePe, which was the first mobile payments company to introduce UPI platform on its app.