Mobile payments application Chillr plans to use the Unified Payments Interface (UPI) platform to add more customers who, the company believes, would transact business worth Rs 6,600 crore using the startup by the end of the year.
The Mumbai-based payments company, which has tied up with HDFC Bank to access UPI, will allow its customers to make payments across bank accounts, removing earlier restrictions that supported banks integrated with Chillr. This, the company expects would help it target 10 million transacting users by the end of the year.
The company was already working with around 10 partner banks through IMPS integration and was clocking around Rs 500 crore in monthly transactions. Chillr becomes the latest payment app to go live on UPI after Trupay and Flipkart promoted PhonePe, which access UPI through Yes Bank.
“Active users come to the Chillr app 20 to 25 times in a month.What we can do is provide the customer with multiple opportunities and we want to develop Chillr as a one-stop banking app for the customer,“ said Sony Joy, chief executive officer of Chillr.
Explaining the way he plans to develop the app and expand in the payments space, Joy said that he wants to help banks create new products leveraging on the transaction data on the Chillr platform, take new products to existing customers, keep them loyal by increasing stickiness, and also help banks acquire new quality customers.
“Our plans around the merchant space for UPI payments will be more on the premium merchant space and we are planning to design something around the reward and loyalty programme angle for our existing customer base,“ said Joy.