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. 

             

           

              

ICICI Bank – Hike in ATM Charges-LessCash Transactions Motivational Tip

            As per press reports, ICICI Bank from 01 January 2015, is rolling out a LessCash motivation tip to its account holders.

            ICICI Bank has decided to levy charges on its own customers for accessing their Automated Teller Machines (ATMs) after five transactions.

After exceeding the five free transaction limits, customers will have to pay Rs 20 per financial transaction excluding service tax and Rs 8.50 for every non-financial transaction for using own bank's ATM.

These charges will also be applicable at non-ICICI Bank ATMs in six metros after three free transactions--Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.

In case if the card is used in non-metro areas then customers can enjoy five free transactions per month at non-ICICI Bank ATMs, after which the same charges will apply.

            As a minor concession, customers maintaining an average monthly balance of more than INR 25,000, will not be charged for using the bank's ATM even beyond five transactions.

            This is in line with RBI Circular dt October 10, 2014 on Usage of ATMs –Rationalization of number of free transactions.

            Through this step the respective Banks are encouraging their customers to migrate from Cash Transactions to Electronic Transactions.

            The pressure will be more on commercial establishments and organizations to offer alternate payment channels to their customers.

            Yes, this is the way to go ahead for LessCash Transactions in our country.