HDFC Bank Ltd., today announced the launch of its UPI on Chillr. With this launch, HDFC Bank UPI will be available on Chillr, in addition to the bank’s Mobile Banking app.
The launch of HDFC Bank UPI on Chillr will benefit customers of 44 banks that will now be able to conduct digital transactions seamlessly using the Chillr app. These transactions conducted on Chillr will go through HDFC Bank’s UPI platform.
Started as India’s first multi-bank payment app, Chillr has been running on IMPS with 11 banks prior to this launch and has achieved a milestone of the monthly transaction value of over Rs. 500 crores.
With 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. During the private beta testing of HDFC Bank’s UPI on Chillr, over two lakh customers were using the UPI platform.
With the launch of UPI, Chillr is targeting a monthly transaction value of 1 Billion USD (6600 crores INR) and 10 Million transacting users by the end of this year.
Chillr currently has more than 70% of new users coming on the platform through word of mouth, attributed to its unmatched user experience. It is this app experience which will fuel the next phase of growth of Chillr, rather than cashback and discounts.
At an event organized in Mumbai, Mr. Nitin Chugh, Country Head – Digital Banking, HDFC Bank launched its UPI on Chillr with Mr. Sony Joy, Co-Founder, and CEO, Chillr, in the presence of senior officials of HDFC Bank and Chillr.
“Our association with Chillr goes back to the start-up’s early days. We were the first bank to partner with Chillr and with this launch, we are taking it to the next level. Also, for HDFC Bank customers this is yet another avenue for conducting transactions using UPI, which is already available on our mobile banking app,” said Mr. Nitin Chugh, Country Head –Digital Banking, HDFC Bank.
Commenting on the launch, Mr. Sony Joy, CEO, and Co-Founder, Chillr said, “With the integration of UPI, Chillr will now be available to users of all major Indian Banks. 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 revolutionize other banking and financial services like credit, savings, insurance, investments and more.”
Launched in 2015, Chillr has been providing UPI like experience in a pre-UPI world. The secret behind Chillr’s unmatched payment experience is its deep running partnership with the country’s major public and private sector banks.
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India’s leading housing finance company, HDFC Bank is one of India’s premier banks providing a wide range of financial products and services to its 37 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.
The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 22 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.
As of December 31, 2016, the Bank had a distribution network with 4,555 branches and 12,087 ATMs in 2,597 cities/towns.
For the quarter ended December 31, 2016, the Bank’s total income was INR 207.48 billion (Rs 20,748.3 crore) as against INR 182.83 billion (Rs 18,283.3 crore) for the quarter ended December 31, 2015.
Net revenues (net interest income plus other income) were INR 114.51 billion (Rs 11,451.8 crore) for the quarter ended December 31, 2016, as against INR 99.40 billion (Rs 9,940.7 crore) for the corresponding quarter of the previous year.
Net Profit for the quarter ended December 31, 2016, was INR 38.65 billion (Rs 3,865.3 crore), up by 15.1% over the corresponding quarter ended December 31, 2015.