Mumbai, 09 November 2023: Mirae Asset Mutual Fund, one of the fastest-growing fund houses in India, today announced the launch of UPI AutoPay Mandate for SIP registrations.
This is one of its kind Industry initiative jointly developed by Mirae Asset Mutual Fund, KFintech & BillDesk to help investors of Mirae Asset Mutual Fund to register SIP mandate using UPI AutoPay feature simplifying the overall investment process which reduces the investment time, thereby improving the overall investment experience.
UPI AutoPay allows an investor to automate their recurring Systematic Investment Plan (SIP) payments. The payments will be deducted from the bank account on a particular date. Mirae Asset Mutual Fund UPI AutoPay facility enables a hassle-free monthly deduction from the investor’s bank account to invest in their desired Mirae Asset Mutual Fund schemes, making the investment process more convenient and disciplined. Investors can now enable recurring e-mandate using all UPI applications supporting UPI AutoPay.
Mirae Asset Mutual Fund’s UPI AutoPay service enables real time SIP mandate set up and investment. Given the ubiquity of UPI as a payment method, this service opens up the SIP facility available to a very large customer base in a reliable and convenient manner.
“At Mirae Asset one of our foremost principles is Clients First approach, we have always believed in providing our investors with efficient solutions. 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.” said Mr. Shrinivas Khanolkar, Head – Products, Marketing & Corporate Communications, Mirae Asset Investment Managers (India) Pvt. Ltd.
“We are excited to partner with Mirae Asset Mutual Fund and KFinTech to deliver an industry-first UPI AutoPay solution for Mutual Fund SIPs. UPI AutoPay is an extremely convenient facility for investors to view and manage their SIPs.” said Karthik Ganapathy, Co-Founder, BillDesk.
Sreekanth Nadella, MD & CEO of KFintech said “Partnering with our clients and creating paradigm shifting industry first solutions is core to what we do at KFintech. Mirae Asset Mutual Fund and KFintech has orchestrated the country’s first ‘Mandate + SIP registration’ solution which we believe will significantly drive ease of doing business for both investors and distributors alike. Additional solutions to improve the mutual funds processes, especially SIP oriented are on the anvil. “
As per present limit set by NPCI, Mandates up to Rs. 15,000/- (fifteen thousand) can be created using UPI AutoPay. As per latest data from AMFI, (30th sept 2023), the average SIP ticket size is Rs. 2250/- (Industry book size is Rs 16,042 crs. per month and there are 7.12 crore SIP accounts)
With digital payments penetrating in India, Mirae Asset Mutual Fund’s Unified Payments Interface (UPI AutoPay) transactions aims to set a record high every month.