IMPS ecosystem enables HDFC
Bank to offer “Chillr APP” for Instant LessCash Transfers.
NPCIs IMPS (Immediate Payment
Service) has spawned a new breed of entrepreneurs. These new breeds of
entrepreneurs are focusing on the USP of IMPS to promote Safe CashLess
transactions.
The latest launch is the “Chillr”
Mobile App by HDFC Bank.
“Chillr”, has been developed by a
Kerala startup company with the same name i.e “Chillr”. This startup company is
a subsidiary of MobWE Wirless.
The ‘Chillr” is currently available for
HDFC Bank customers only. It is being promoted
as a LessCash transaction tool amongst friends. In the coming months, merchants
too will be onboarded on the “Chillr” platform.
As it is merchants holding accounts
in HDFC Bank can straight away receive funds through the “Chillr” APP. Just the
sender has to add the merchants’ phone number in his/her smart phone. The funds
transfer can commence straight away. However such a mode is not viable for a
large number of transactions in the merchants’ bank accounts due to accounting norms.
Merchants require each credit entry to be tagged to a receipt, which enable
easy reconciliation.
The channel for the funds transfer
is NPCIs IMPS channel. This carrier agnostic funds transfer channel eliminates
the need for expensive charges too. As IMPS works 24*7, 365 days a year, there
is no fear of delayed settlement. A dispute resolution mechanism too is in
place.
Read the complete FAQs
here
The only prerequisite is that the
receiver too should have a bank account. The bank account need not be in HDFC
Bank but in any Bank which is on
IMPS network.
"Chillr", can be a great tool in Nashik Kumbh Mela 2015 to promote LessCash transactions. The only obstacle could be issues with network connectivity.
