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Federal Bank announced its partnership with with Chillr, a mobile banking application, to provide cashless transactions. Chillr, India?s first and only multi-bank mobile application, allows users to connect seamlessly with multiple bank accounts and manage all their banking needs on a single platform, making money transfer between bank accounts easier, faster and safer than sending a text message. "All transactions on Chillr are initiated directly from the users? bank accounts and authenticated by a PIN provided by their banks,"

Chillr has always strived to innovate and make banking easier for the masses. Going to a bank and opening a new account is complicated and tedious procedure. one has to deal with long queues and monotonous paperwork. Furthermore, this process is usually stretched over days and requires repeat visits to the bank. So to make this process easier Chillr has tied up with Federal Bank to give the option of opening a bank account by SIMPLY UPLOADING A SELFIE (which is a popular self-portrait photograph taken by the user), a photo of your PAN card and a scan of the QR code of your Aadhaar card. These will serve as Know Your Customer (KYC) credentials, and you can open a bank account and conduct transactions up to Rs 10,000 a month. Furthermore, this process will only get more simplified once E-KYC credential approval procedures are in place. On E-KYC approval, customers will be able to use their bank account to its full potential. This is a really revolutionary step in the field of banking as it makes it possible for more people to have access to bank accounts and gives them more financial autonomy.


The Kerala-based private sector said that "the mobile banking app integrates with banks directly and provides total security for all transactions. The easy to use app is available on Android, Windows and iOS operating systems." The facility is already available to all customers of Federal Bank. "We have always believed that digital services will herald paradigm shift in banking services.

Summary
Chillr is a mobile banking application that links directly to your bank account and Send money from your bank account to anyone in your phonebook even without having to know their account number.

?         Fund transfer happens in seconds.

?         All transactions are between bank accounts.

?         No virtual accounts

?         No intermediaries

?         No delays

          Pay your Utilities

?                      Split Bills
  • All Money transfers & bill payments on Chillr are directly from your bank account to the beneficiary?s bank account.
  • Partner bank customer can receive and send money with chillr. Other bank customer can only receive money for the time being.
  • Money transfers on Chillr require no usernames, passwords and OTPs, just a bank issued MPIN
  • Completing a transaction on Chillr takes less than 10 seconds whereas topping up a Wallet can take a few minutes.
  • More money in your Bank account equals more interest earned. Chillr lets you keep all your money in your account while giving you the convenience of a mobile wallet.
Relevant Q&A

What is MPIN?
An MPIN is a 4-digit code used to authenticate your IMPS transactions while doing transactions on National Unified USSD Platform (NUUP), personal code that allows you to access other government applications such as the Past Performance Information Retrieval System (PPIRS). The MPIN acts as your password in these other systems, and you should safeguard it.

What is IMPS?
Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.

What is MMID?
Mobile Money Identification Number (MMID) is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.

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