HDFC launches UPI on app
Q. Which private sector bank launched UPI on its Chillr app?- Published on 10 Apr 17a. ICICI
b. Dena Bank
c. HDFC
d. Yes Bank
ANSWER: HDFC
HDFC Bank launched the Unified Payment Interface (UPI) on peer-to-peer payments app Chillr. Consequently, the HDFC bank UPI will now be available on Chillr too, besides its own mobile banking app.
Chillr has been running on IMPS with 11 banks prior to this launch and claims a monthly transaction value of $77.2 Mn (INR 500Cr).
With this launch, this base will expand as 33 more banks will be able to use it besides the existing 11 banks.
As a result, Chillr is now targeting a monthly transaction value of $1 Bn.
The startup expects to see 10 Mn active transacting users by the end of the year.
Currently, the app claims to have around 3 Mn+ total user base, 50% of whom are from outside the top 10 cities.
As of date, about $463.2 Mn (INR 3,000 Cr) has been transacted with HDFC bank on the app.
The startup raised a Series A round of funding with $7 Mn from Blume Ventures, Unicorn Ventures, Sequoia Capital and others in December 2015.
