Friday, July 19

Chillr is Not a Wallet, We Have No Direct Competitors- Sony Joy, Founder of Chillr

Meet Mr. Sony Joy, the Co-founder at MobME Wireless and CEO at Chillr, which is building a digital banking ecosystem connecting banks, customers, businesses and enterprises in an intuitive and mobile-first way.

Chillr is a multi-bank mobile banking application that links directly to your bank account and helps you make easy money transactions. You can use Chillr to send and receive money, recharge your mobile phone, data card and DTH and also make payments at stores. We interviewed him on recent successful approach of chillr towards payment banking system,


1. Could you explain the end-to-end process of sending money via Chillr?

As a customer, you initiate a payment by selecting the “Pay” option on our App and authenticating the payment using the MPIN. We then validate the details provided by you with our partner bank (where you hold your account). Our partner bank then initiates a transfer of funds using IMPS (immediate payments service by NPCI) to transfer the funds into the beneficiary account, to who you are sending the money. On successful transfer, we get a confirmation from our partner bank and you are done with the transaction.


2. How does Chillr ensure money transfer in seconds and what are the measures taken for security?

Chillr follows strict guidelines laid down by NPCI (National Payment Corporation of India).

NPCI is a RBI regulated autonomous body managing and regulating the IMPS channel. Chillr follows highest security protocols with its connectivity between partner banks. These protocols are defined by banks themselves. Money flow is managed by IMPS network by partner banks directly and Chillr acts a technology service provider to enable the transaction.


3. Tell us more about Partner Bank? What are its other features apart from just sending money.

We have currently tied up with HDFC, Bank of Baroda, Andhra Bank and Catholic Syrian Bank. Chillr has many more exciting features side from sending money. You can also request money, recharge your mobile phone, data card and DTH, and make payments to stares near your with our app. We also give you the option of donating to certain NGOs with our Chillr @Tags feature.


4. How big is the Chillr team at the moment? Where do you operate from?

We currently have around 135 employees. Our head office is based in Mumbai and our technical office is in Kochi.


5. How many customers/clients you’ve had so far? Is Chillr profitable?

Till date we have seen around 8.5+ lakh downloads and we have around 3 lakh active customers per month. About the profitability, we are yet to breakeven and expecting 2017-18 the year to break even.


6. Whom do you consider your biggest competitors? How do you maintain an edge over them?

Since Chillr is not a wallet, hence we have no direct competitors at the moment. We are different from a wallet in that Chillr is linked directly to your bank account to enable you to make instant bank to bank money transaction in real time. There is no need to store money in a separate party wallet.