When it comes to sending money instantly, banks have a new system called IMPS, an instant real-time inter-bank electronic fund transfer service. This works even on Sundays, Bank Holidays, and whenever you want. There is another advantage of using this system, and you don’t have to share your Bank Account no, customer id with anybody. All you will need is a mobile number and MMID. The latter can be generated using Netbanking.

Today, Abhishek Baxi shared about, Chillr, an app that integrates with your phone book well and makes the experience even better. MobMe Wireless Solutions Ltd & HDFC bank have partnered together to roll out a mobile app that allows you to transfer money to any contact in your phonebook anytime you want.

This service acts like a bridge where the need for MMID is eliminated. If your contact has the Chillr app, you can send him the money by selecting him, enter the amount, and your M-Pin to approve. That easy. The money is transfer instantly. So what’s the catch? Why use it over service provided by the bank? It’s limited to a maximum amount of ₹5,000 per day. Though you can do multiple transfers a day, you are still limited.

Another impressive feature that the app includes is Near Me. It’s like paying somebody who is in your proximity or call it a Virtual NFC payment. So let’s say if you need to pay a taxi driver or a random person, you don’t even need to share your mobile number. The app does that and gets your payments through. There are charges from the company, except that the bank will deduct Rs 5 + Taxes for every transfer.

The company is also working on adding in more services like mobile recharge, DTH, and other utility services.

https://youtu.be/Sb6hySThYeA

Note: The full-featured Chillr app is presently available only for HDFC BANK customers. Other bank customers can only receive money.