Angel Broking has received the nod from National Payments Corporation of India (NPCI) for UPI AutoPay of mutual funds. The first-of-its-kind feature will simplify the procedure and cut down the e-Mandate authentication time to less than a minute. It has also eliminated the e-Mandate registration cost and made its management possible with the touch-of-a-button experience.
“Today, India is rapidly adopting digital technologies and Angel Broking is leaving no stone unturned to catalyze this development. We have introduced several firsts within the Indian stock broking space and feel proud to add another feather to our cap. The launch of UPI AutoPay for SIPs will do away with several bottlenecks in e-Mandate registration. We would like to extend our heartfelt gratitude to NPCI for this landmark decision,” says Vinay Agrawal, CEO, Angel Broking.
UPI has a large base of customers, making UPI AutoPay the go-to alternative for SIP customers. It further makes the registration and calling off NACH mandates seamless with the touch-of-a-button experience bringing down the turnaround time of e-Mandate authentication for SIPs to a few seconds.
The functionality of UPI AutoPay has been launched by NPCI for recurring payments. With this new facility introduced under UPI 2.0, customers can now enable recurring e-mandate using any UPI application for recurring payments.
Any UPI-enabled application would also have a ‘Mandate’ section, through which customers can create, approve, modify, pause as well as revoke auto debit mandate. The mandate section will allow customers to view their past mandates for their reference and records. The pattern for auto debit mandate has been created keeping in mind customers’ spends on recurring payments. The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half yearly and yearly.
“Angel Broking’s UPI AutoPay feature comes with several checks that need to be in place while following all regulatory guidelines. Primarily, the e-Mandate has third-party payment validation and simplified the authentication process. For example, any e-Mandate can only be issued for the investor’s bank account. So, if a person generates an e-Mandate for someone else’s account, even if it gets approved, our system automatically nullifies the same. Such features provide an added layer of security to all of our investors.” says Prabhakar Tiwari, CMO, Angel Broking.
Currently available in Angel BEE App, Angel Broking customers can avail the e-Mandate facility by selecting their desired mutual fund, entering SIP amount (up to Rs. 2,000) as well as period and choosing the UPI AutoPay option in the next screen. They then simply need to enter their UPI ID and initiate registration which then needs to be confirmed from their UPI App. All customers also enjoy superior control with the ability to terminate any e-Mandate directly from the UPI app. Angel Broking has partnered with CAMSPay to process UPI recurring payments.
The service will be integrated into its other platforms shortly as well.
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