Mirae Asset Mutual Fund Introduces UPI AutoPay for SIPs

Mirae Asset Mutual Fund Introduces UPI AutoPay for SIPs

VoM News Desk | November 11, 2023 | 11:20 AM IST | Technology | Follow on Google News

Mirae Asset Mutual Fund Introduces UPI AutoPay for SIPs

Mirae Asset Mutual Fund Introduces UPI AutoPay for SIPs

Mirae Asset Mutual Fund, a rapidly growing fund house in India, has launched an innovative initiative for SIP registrations – the UPI AutoPay Mandate. This pioneering industry initiative, developed jointly by Mirae Asset Mutual Fund, KFintech, and BillDesk, is designed to streamline the investment process for Mirae Asset Mutual Fund investors. It simplifies the SIP mandate registration using UPI AutoPay, thereby reducing investment time and enhancing the overall investment experience.

Simplifying SIP Investments with UPI AutoPay

The UPI AutoPay feature allows investors to automate their recurring Systematic Investment Plan (SIP) payments. This facility ensures that payments are deducted from the investor’s bank account on a specified date each month. The introduction of UPI AutoPay by Mirae Asset Mutual Fund makes the monthly investment process more convenient and disciplined. Investors can now set up recurring e-mandates using any UPI application that supports UPI AutoPay.

Real-Time SIP Mandate Setup and Investment

Mirae Asset Mutual Fund’s UPI AutoPay service facilitates real-time SIP mandate setup and investment. Leveraging the widespread use of UPI as a payment method, this service makes SIPs accessible to a broad customer base, offering a reliable and convenient investment option.

Industry Leaders on the Revolutionary Initiative

Shrinivas Khanolkar, Head – Products, Marketing & Corporate Communications at Mirae Asset Investment Managers (India) Pvt. Ltd., emphasized the ‘Clients First’ approach and the potential of UPI AutoPay to revolutionize SIPs. Karthik Ganapathy, Co-Founder of BillDesk, expressed excitement about partnering with Mirae Asset Mutual Fund and KFinTech in delivering this innovative solution. Sreekanth Nadella, MD & CEO of KFintech, highlighted the company’s commitment to creating industry-first solutions that enhance ease of business for investors and distributors.

Current SIP Trends and UPI AutoPay Limits

As per the National Payments Corporation of India (NPCI) guidelines, mandates up to Rs 15,000 can be created using UPI AutoPay. Latest data from the Association of Mutual Funds in India (AMFI) as of September 30, 2023, shows the average SIP ticket size at Rs 2250, with the industry book size at Rs 16,042 crore per month across 7.12 crore SIP accounts.

Embracing Digital Payments in Mutual Funds

With digital payments gaining traction in India, Mirae Asset Mutual Fund’s UPI AutoPay transactions aim to reach new heights each month. For more information, investors are advised to visit the AMC’s website: www.miraeassetmf.co.in. It is recommended to consult a financial advisor or mutual fund distributor before investing. As with all mutual fund investments, they are subject to market risks, and investors should read all scheme-related documents carefully.

VoM News Desk

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