Mutual Funds: Mirae Asset helps mutual fund investors to register SIP mandate using UPI autopay facility. This makes the entire investment process easier and the investment time also reduces.
Mutual Funds: Mutual fund house Mirae Asset Mutual Fund announced the launch of UPI AutoPay Mandate for SIP registration. This is a first-of-its-kind initiative in the industry jointly developed by Mirae Asset Mutual Fund, KFintech and BillDesk, which enables investors of Mirae Asset Mutual Fund to register their SIP mandate using UPI Autopay facility. Helps in. This makes the entire process of investment easier, reduces the investment time and also improves the investment experience.
UPI AutoPay allows an investor to automate his Systematic Investment Plan (SIP) payments. Payment will be deducted from the bank account on a specific date. Mirae Asset Mutual Fund UPI Autopay facility allows investors to get hassle-free monthly deduction from their bank account for investing in Mirae Asset Mutual Fund schemes of their choice. Due to which the investment process becomes more convenient and disciplined. Investors can now enable recurring mandate using all UPI applications that support UPI Autopay.
Mirae Asset Mutual Fund’s UPI AutoPay service enables real-time SIP mandate set up and investment. Given the widespread reach of UPI as a payment method, this service facilitates SIP access to a large customer base in a reliable and convenient manner.
There will be a revolution in SIP
Mr. Srinivas Khanolkar, Head – Products, Marketing & Corporate Communications, Mirae Asset Investment Managers (India) Pvt. Ltd., says, “At Mirae Asset, our most important principle is the client-first philosophy, we have always strived to provide better solutions to our investors. Have trusted. UPI has already revolutionized the way we make payments, with UPI AutoPay we are introducing a new feature that has the potential to revolutionize SIPs. We are confident that this feature will help our investors adopt UPI Autopay as the preferred method for mandate registration.
Karthik Ganapathy, Co-Founder, BillDesk, said, “We are excited to partner with Mirae Asset Mutual Fund and Kfintech to provide the industry’s first UPI autopay solution for Mutual Fund SIP. UPI Autopay is an extremely convenient facility for investors to view and manage their SIPs.
Shrikant Nadella, MD and CEO of Kfintech, said, “Partnering with our customers and creating industry-changing solutions for the first time is at the core of what we do at Kfintech. Mirae Asset Mutual Fund and Kfintech have created the country’s first ‘Mandate + SIP Registration’ solution, which we believe will bring ease of trading for both investors and distributors. Additional solutions to improve mutual fund processes, especially SIP oriented, are under consideration.
As per the current limit set by NPCI, mandate up to Rs 15000 can be made using UPI AutoPay. As per latest AMFI data (30 September 2023), the average SIP ticket size is Rs 2250 (industry book size is Rs 16,042 crore per month and 7.12 crore SIP accounts). With its entry into digital payments in India, Mirae Asset Mutual Fund aims to set record highs in Unified Payments Interface (UPI AutoPay) transactions every month.
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