This facility will enable the customers of nearly 45 banks to make payments on a single platform, reported The Hindu.
The upcoming multi-bank mobile banking app will enable its users to send and receive money to/from anyone in their phone book.
Reportedly, 1.50 crore customers are expected to come on this platform by the end of 2017-18.
“Our annual run-rate (transaction) is also expected to go up from USD one billion (Rs 6,600 crore) now to USD 12 billion (nearly Rs 80,000 crore) per annum,” said Sony Joy, chief executive officer and co-founder, Chillr.
UPI is a system that enables multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood. It also accommodates to the “peer-to-peer” collect request which can be scheduled and paid as per requirement and convenience.
Chillr had collaborated with 10 banks on the Immediate Payment Service (IMPS) platform, an instant inter-bank electronic fund transfer service through mobile banks.There are over one million monthly active users on the app.