If you’ve ever used mobile or internet banking to transfer funds, you know the process is far from user friendly. Addressing this pain point is an app called Chillr, with which users can send money instantly to anyone in their phone book.
Chillr is a multi-bank mobile banking platform, and while it is launching first for HDFC Bank customers, the company is in talks with 15 more banks to integrate its service. Users will be able to send and receive money instantly without having to know details like account numbers, IFSC codes or wait for OTP (One time Password) SMS.
Apart from transferring funds, Chillr users will also be able to make money requests, split bills among friends and even recharge their mobile and DTH accounts. Further, the app will soon allow users to even pay at online and offline stores using the app.
Using The Service
In order to use Chillr, users will have to generate an MMID through mobile or net banking, followed by contacting PhoneBanking to generate their M-PIN. All that’s then left is downloading the Chillr app which is available for Android, and will soon be available on iOS and Windows Phone devices.
To transfer money, all users have to do is select ‘Pay’ within the app, choose the receiver from their contact list and enter the amount to be transferred. For authentication, users will have to key in their secret M-PIN, and completing the process will immediately transfer funds to the receiver’s account.
Transferring funds through Chillr works with all banks that have IMPS enabled. Using the app will benefit banks as it reduces the dependency on ATMs and cheques, thereby reducing overheads. Consumers will benefit from having more money in their accounts rather than wallets, which will earn them more interest.
Not only does the app make transferring funds easy, it’s also free. The developers say users will never be charged for sending money, however individual banks may charge a small transaction fee between Rs 3-5. For regular users receiving up to 10 transactions will not be charged, while tariffs for merchant users hasn’t yet been announced.