Nadella says KFintech creating paradigm shifting industry solutions
Mirae Asset Mutual Fund has launched Unified Payments Interface (UPI) AutoPay Mandate allowing an investor to automate their recurring Systematic Investment Plan (SIP) payments.
This is one of its kind Industry initiatives 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.
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 said in a release on 10 Nov 2023.
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,” said Shrinivas Khanolkar, Head – Products, Marketing & Corporate Communications, Mirae Asset Investment Managers (India) Pvt Ltd.
“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,” he said.
“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.”
With digital payments penetrating in India, Mirae Asset Mutual Fund said its Unified Payments Interface (UPI AutoPay) transactions aims to set a record high every month. Fiinews.com
