Angel Broking on Thursday said it has received approval from the National Payments Corporation of India (NPCI) to offer UPI (unified payment interface) AutoPay for mutual funds.
This will simplify the process while cutting down the e-mandate authentication time to less than a minute, Angel Broking said in a statement.
Also, it will eliminate the e-mandate registration cost and made its management possible with the touch-of-a-button experience.
"The launch of UPI AutoPay for SIPs will do away with several bottlenecks in e-mandate registration," said Vinay Agrawal, CEO of Angel Broking.
The UPI has a large base of customers, making AutoPay the go-to alternative for systematic investment plan (SIP) customers.
Further, it would bring down the turnaround time of e-mandate authentication for SIPs (systematic investment plans) down to a few seconds.
The functionality of UPI AutoPay was launched by the NPCI for recurring payments.
Any UPI-enabled application will also have a 'mandate' section, through which customers can create, approve, modify, pause as well as revoke auto-debit mandate. The section will allow customers to view their past mandates for their reference and records.
Published 05 November 2020, 09:56 IST