Angel Broking has become the first in the industry to offer Unified Payment Interface (UPI) AutoPay for mutual funds, the company said. It has received approval from the National Payments Corporation of India (NPCI) for the new service.
This new implementation will simplify the process while cutting down the e-mandate authentication time to less than a minute, Angel Broking said in a statement. UPI AutoPay will eliminate the e-mandate registration cost as well and has “made its management possible with the touch-of-a-button experience”.
Commenting on the development Vinay Agrawal, chief executive officer, Angel Broking Ltd said, “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.” He further added, “We would like to extend our heartfelt gratitude to NPCI for this landmark decision.”
Considering UPI has a large base of customers, this new implementation of UPI AutoPay will be a go-to alternative for systematic investment plans (SIP) customers. It will bring down the turnaround time of e-mandate authentication for SIPs down to a few seconds.
The functionality of UPI AutoPay has been launched by NPCI 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.
“With UPI AutoPay, e-mandates can be set in few seconds, which in turn will completely transform the consumer experience in terms of their SIP payments and create a valuable user engagement journey,” Praveena Rai, COO, NPCIsaid.
“It solves some of the challenges faced during SIP & recurring payment registration, this will provide an improved investor experience and quick realization of NAV,” said Vasanth Jeyapaul, SVP & Business Head, CAMSPay said.
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