5paisa.com introduces UPI AutoPay facility for mutual funds
By Edil Corneille
Mumbai-based 5paisa.com, India’s listed discount broker has announced the implementation of the UPI AutoPay facility on its platform. The unique feature, launched by National Payments Corporation of India (NPCI) last year, will ensure the frictionless processing of mutual funds and purchase of subscription products for customers of 5paisa.com.
5paisa.com and NPCI aim to reach about 1.2 million customers on 5paisa.com platform.
Prakarsh Gagdani, CEO, 5paisa Capital Ltd., said, “We are honoured to be associated with NPCI. Investing via UPI revolutionized retail participation in IPOs. We believe recurring payments through UPI will have the same effect. With UPI, investing in systematic investment plans will become just a one click process.”
Praveena Rai, COO, NPCI said, “We are delighted to partner with 5paisa.com for the integration of UPI AutoPay on their platform. We believe that this innovative functionality would offer a hassle-free SIP investments experience to all its customers. It is heartening to witness UPI AutoPay expanding its applicability into numerous categories which stands testimony to the customers’ preference and trust towards this unique feature.”
The UPI AutoPay process is instant compared to about two days when SIPs are registered through banks. Any UPI enabled application would also have a ‘Mandate’ section, through which customers can create, approve, modify, and manage the auto debit mandate. The mandate section will allow customers to view their past mandates for their reference and records. UPI users can create an e-mandate through the UPI ID, QR scan or Intent. 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. Customers can now set e-mandate on UPI platform to perform recurring payments of upto INR 5,000.
5paisa.com on-boarded more than 190,000 new clients during the quarter ending December, taking the total number of registered customers to 1.145 million. The 5paisa Mobile App had about 64,40,000 downloads at the end of the quarter.
IBSi Daily News Analysis
June 01, 2023
With ECB nearing its launch, could Digital Euro become a reality?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage