Mirae Asset Mutual Fund has launched the first-of-its-kind UPI AutoPay Mandate for systematic investment plan investments in mutual fund schemes, thus allowing investors to automate their recurring SIPs through UPI
Mirae Asset Mutual Fund on November 9, 2023 announced the launch of UPI AutoPay Mandate for systematic investment plan (SIP) registrations. Jointly developed by Mirae Asset Mutual Fund, KFintech and BillDesk, it aims to help investors of Mirae Asset Mutual Fund register SIP mandate using the UPI AutoPay feature.
According to Mirae Asset Mutual Fund, the UPI AutoPay service will enable real time SIP mandate set-up and investment, thus allowing investors to automate their recurring SIP payments. The payments will be deducted from the bank account on a particular date. This facility will allow for a hassle-free monthly deduction from the investor’s bank account to invest in their desired Mirae Asset scheme, thus simplifying the overall investment process by reducing the investment time while also improving the investment experience.
Investors can enable recurring e-mandate using all Unified Payments Interface (UPI) applications supporting UPI AutoPay, Mirae Asset Mutual Fund said.
Mirae Asset Mutual Fund further said that as UPI is a very popular payment method, this service opens up SIP facility to a very large customer base in a reliable and convenient manner.
Shrinivas Khanolkar, head – products, marketing and corporate communications, Mirae Asset Investment Managers (India), said: “UPI has already revolutionised payments. With UPI AutoPay we are introducing a new facility which has the potential to revolutionise SIPs. We are confident this facility should help our investors to adopt UPI AutoPay as a preferred mode for mandate registrations.”
Karthik Ganapathy, co-founder, BillDesk said that the UPI AutoPay is an extremely convenient facility for investors to view and manage their SIPs.
According to the present limit set by the National Payments Corporation of India (NPCI), which owns and operates UPI, mandates up to Rs 15,000 can be created using UPI AutoPay.
Latest data from the Association of Mutual Funds in India (Amfi) as on September 30, 2023 also suggests that the average SIP ticket size is Rs 2,250 for an industry book size of Rs 16,042 crore per month and re are 71.20 million SIP accounts