5 paisa launches UPI autopay facility for mutual fund transactions

Discount broker 5paisa.com announced UPI AutoPay facility on their platform for mutual fund transactions. The feature, which was launched by National Payments Corporation of India (NPCI) last year will enable 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, “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.”

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 e-mandate through 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 up to Rs. 5,000.

5paisa.com is the country’s only listed discount broker, which on-boarded more than 190,000 new clients during the quarter ending December, taking the total number of registered customers to 11.45 lakh. Moreover, the 5paisa Mobile App had about 64,40,000 downloads at the end of the quarter with a 4.0+ Star rating on Playstore, the company claimed.