Domestic digital payments platform PhonePe on Monday announced the launch of UPI-based autopay facility for its mutual fund investment offerings.
The functionality will allow PhonePe customers to set up their Mutual Fund SIPs in a few steps.
With UPI Autopay, customers can set up their SIP in three steps – selection of funds, input of monthly SIP investment amount, and authentication with UPI PIN.
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“This furthers PhonePe’s vision to continuously enhance the end-to-end customer experience while meeting their needs in building the investment portfolio of their choice,” the company said in an official release.
SIP through UPI autopay option is available for all existing and new investors on PhonePe App.
To set up UPI AutoPay for investments on PhonePe, users can click on the ‘Start a SIP’ icon in the Investments section on the PhonePe app homepage.
From there, they can choose their investment style (from Conservative/Medium/Aggressive) and investment tenure (Short/Medium/Long term).
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Users can select a fund, enter the monthly investment amount and then enter their UPI PIN to set up regular investments.
Customers can use the UPI autopay facility if they opt for monthly SIP through any of the mutual fund investment options available on PhonePe. The platform has over 307 million registered users.
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