back Back

5paisa.com introduces UPI AutoPay facility for mutual funds

By Edil Corneille

January 25, 2021

  • 5Paisa
  • India
Share

5paisa.com, India, Mumbai, UPI, AutoPay, Mutual FundsMumbai-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.

Previous Article

January 25, 2021

Nasdaq appoints Jeremy Skule as Executive Vice President & Chief Strategy Officer

Read More
Next Article

January 25, 2021

PlasmaPay integrates XEM, NEM’s native currency to its DeFi Dashboard

Read More








IBSi Daily News Analysis

Web3, Indian market

April 16, 2024

5Paisa

Explosive growth in Web3: UAE and MENA region poised to lead crypto, DeFi, and Metaverse revolution

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
Subscribe Now

Other Related News

April 15, 2024

Linedata acquires French AI startup DreamQuark

Read More

April 15, 2024

9Basil Group announces acquisition of AlteriQ

Read More

April 10, 2024

Verdane acquires majority stake in RegTech consolidator Corlytics

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023