![]() ![]() To send money, select the intended recipient's number from the phone contact list, enter the amount and an optional remark, and authorize the transfer using the MPIN. Next, download the Chillr app from Google Play Store, Apple app store or Windows store.Īpart from having the app, your account will also need to be IMPS-registered. Once you get this, change it to a four-digit MPIN of your choice. Then you will have to call a toll-free number to generate an MPIN (mobile personal identification number). With Netbanking, after logging in, click on “requests" option to generate MMID. You will also need to select a bank account number and then confirm it. With mobile banking, you need to login, go to “third-party funds transfer" option and then generate your MMID. To begin with, you will have to generate what’s called mobile money identifier (MMID), either through mobile banking or Netbanking. How does it work? “It is a three-step process," said Nitin Chugh, head-digital banking, HDFC Bank. To send money, you need to be the bank’s customer the recipient may or may not be. HDFC Bank’s Chillr app allows you to send money to any mobile phone number in your phone contact list. Though the app is on the IMPS platform, its transfer limit is ₹ 50,000 a day (versus up to ₹ 2 lakh per transaction on IMPS). If volumes go up, the bank may pass on the cost. As of now, the bank is offering the service free of cost, but one can expect a charge equivalent to any IMPS transaction ( ₹ 5 plus service tax) in the future. The process is the same if you send money via email or a social media platform. The transfer happens within minutes as the app works on National Payments Corporation of India’s Immediate Payment Service (IMPS) platform. The next step is to enter the details of her bank account where she wants to receive the money. The receiver has to click on it to download the PingPay app from Google Play Store. When you send money, the receiver will get a WhatsApp message, which will have a link. Then enter your bank account details and simply send money to any WhatsApp contact. If you want to send money to, say, a WhatsApp contact, first download the app on your mobile phone. If you ask for money, the other person needs to have an Axis Bank account. To receive and to ask, you don’t need to be a customer of the bank. But you need to be the bank’s customer to be able to send money. This app by Axis Bank allows you to send, ask for and receive money via Twitter, Facebook, WhatsApp, email and SMS. But they differ in terms of user interface, back-end infrastructure and fund transfer costs. ![]() What’s common between the four products is that they all allow a user to send money without knowing the receiver’s bank details. ![]()
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