HDFC Bank offers Chillr – The new APP for Instant LessCash Transactions

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. 

             

           

              

We Indians are fast adapting LessCash Tools-Card On Delivery

            The new online check-out mantra is not Cash-on-Delivery BUT Card-on-Delivery. As the trust levels between online shoppers and online companies increase, the checkout trend is migrating from Cash-on-Delivery to Card-on-Delivery.

            The rapid growth of COD has been possible due to falling costs of MPOS (Mobile Point of Sales) terminals and enhanced security.

            The below table clearly show growth in POS Transactions in this financial year.

            At present, the data does not differentiate between POS and MPOS transactions.

            Majority of the Indian eCommerce companies have reported an increase in MPOS transactions during the last festival season i.e Dusshera/Diwali.

            The following newspaper article will throw more light on the growth of MPOS transactions in India.

            Another key contributor for MPOS transactions is that customers need not go to the POS Terminal; the MPOS Terminal is brought to the customer. This drastically increases the security of the transactions.

            As Banks and other industry players spread the benefits of LessCash transactions, the migration from Cash to LessCash modes will speed up.

            

Key Takeaways from Andhra Banks’ MDs' walkathon

            Readers must have read this article-offline or online on Andhra Banks MD’s walkathon to gauge the pulse of his prospective customers

            The Andhra Bank walkathon is not aimed at fundraising but raising awareness about the various banking products on offer.

            The following are the key takeaways:-

01) Walkathon is a great tool to gather information about the target audience

02)The target audience gets an opportunity to interact with the decision makers

03)The decision makers get neutral feedback

04)The feedback so obtained can be the foundations for a focused campaign

05)Majority of the target audience are familiar with LessCash modes

06)The preferred LessCash mode is POS (Point of Sales) Terminals

07) Cash Deposit Machines too are preferred but not over POS (Point of Sales) Terminals

08)In the near future, Andhra Bank will focus on rolling out a large number of POS (Point of Sales) Terminals