Chillr, a leading Indian mobile payment app, in a bid to improve its services and allow easier disbursements, has launched a new payment service called ‘Mass Pay’. The new service works on IMPS platforms and allows users to make bulk payments to vendors without any manual interventions.
The API/Web interface of Mass Pay is under beta testing right now and has already snagged four clients. The app is expected to provide easiest payment solution for retail businesses in India, where bank transfers are required to multiple merchants at one time. The transactions are secure and credited in near real-time.
How does it work?
Chillr has made it really easy for businesses to disburse money to vendors and microlenders. API or the web page can be used to make the application work.
API can be directly integrated into the Chillr app for multiple transactions. In case of web application, users can do the following –
- Upload a .csv (Microsoft Excel extension) file on the web app with the payout details. The .csv file should have recipient’s details and bank’s IFSC code for payments
- Once the file is reviewed, authenticate the payout with a mobile PIN(also known as MPIN)
- The amount will be instantly credited to the vendor, which Chillr claims can be as small as Re 1 and to as many vendors as possible
In case a business is looking out for access to this portal, they can sign up and request early access to the service. There is option to choose between API and Web portal, depending on ease of use.
With the recent UPI launch in India, this service could as well be threatened because UPI aims to bring its own unified digital wallet in India. Having a service running on the side with the same characteristics might not survive, unless there is a unique selling proposition attached to it. It will be interesting to see when Chillr’s Mass Pay goes live in the country and how they are able to get the traction.
If you’re running a business and going through the hassles of sending money to every vendor individually, then there is the one other platform, Pay Mate which offers similar services like Chillr’s Mass Pay.
Last year, Chillr has partnered with HDFC Bank, which enabled HDFC bank users instant multi-bank money transfer services. Chillr has raised $6 million in series A funding from Sequoia Capital in March 2015.
