UPI AutoPay brings down the turnaround time of e-Mandate authentication for SIPsdown to a few seconds

Mumbai : Establishing its domain leadership in the stock broking and mutual fund industry, Angel Broking has received the nod from National Payments Corporation of India (NPCI) for UPI AutoPay of mutual funds. The first-of-its-kind feature has simplified the process while cutting down the e-Mandate authentication time to less than a minute. It has also eliminated the e-Mandate registration cost and made its management possible with the touch-of-a-button experience.

Commenting on the development Mr. Vinay Agrawal, CEO, Angel Broking Ltd said,“Today, India is rapidly adopting digital technologies and Angel Broking is leaving no stone unturned to catalyze this development. We have introduced several firsts within the Indian stock broking space and feel proud to add another feather to our cap. The launch of UPI AutoPay for SIPs will do away with several bottlenecks in e-Mandate registration. We would like to extend our heartfelt gratitude to NPCI for this landmark decision.”

The development adds tangible value to the mutual fund ecosystem as UPI has a large base of customers, making UPI AutoPay the go-to alternative for SIP customers. It further makes the registration and calling off NACH mandates seamless with the touch-of-a-button experience bringing down the turnaround time of e-Mandate authentication for SIPs to a few seconds.

The functionality of UPI AutoPay has been launched by NPCI for recurring payments. With this new facility introduced under UPI 2.0, customers can now enable recurring e-mandate using any UPI application for recurring payments.

Any UPI-enabled application would also have a ‘Mandate’ section, through which customers can create, approve, modify, pause as well as revoke auto debit mandate. The mandate section will allow customers to view their past mandates for their reference and records. The pattern for auto debit mandate has been created keeping in mind customers’ spends on recurring payments. The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half yearly and yearly.

“Angel Broking’s UPI AutoPay feature comes with several checks that need to be in place while following all regulatory guidelines. Primarily, the e-Mandate has third-party payment validation and simplified the authentication process. For example, any e-Mandate can only be issued for the investor’s bank account. So, if a person generates an e-Mandate for someone else’s account, even if it gets approved, our system automatically nullifies the same. Such features provide an added layer of security to all of our investors.” said Mr. Prabhakar Tiwari, CMO, Angel Broking Ltd.

Ms. Praveena Rai, COO, NPCIsaid, “We are pleased to associate with Angel Broking to pioneer the integration of UPI AutoPay in the mutual funds domain. With UPI AutoPay, e-mandates can be set in few seconds, which in turn will completely transform the consumer experience in terms of their SIP payments and create a valuable user engagement journey. We are confident that the addition of this unique feature is going to be a game-changer in the mutual fund space. We are delighted to witness UPI AutoPay spreading its wings and foraying into various categories in quick time – which is a testament of customers’ trust and preference towards this feature. With UPI AutoPay, we at NPCI are on a mission to offer recurring payments experience like never before to customers.”

Currently available in Angel BEE App, Angel Broking customers can avail the e-Mandate facility by selecting their desired mutual fund, entering SIP amount (up to Rs. 2,000) as well as period and choosing the UPI AutoPay option in the next screen. They then simply need to enter their UPI ID and initiate registration which then needs to be confirmed from their UPI App. All customers also enjoy superior control with the ability to terminate any e-Mandate directly from the UPI app. Angel Broking has partnered with CAMSPay to process UPI recurring payments.

Expressing his views, Mr. Vasanth Jeyapaul, SVP & Business Head, CAMSPay said“We are delighted to partner with Angel Broking to launch this innovative new payment mode for mutual fund investments. It solves some of the challenges faced during SIP & recurring payment registration, this will provide an improved investor experience and quick realization of NAV. NPCI has been at the forefront of India’s retail payments revolution and it has completely changed the payments landscape through the ubiquitous UPI Platform. We are confident that the current innovation and enhancements would help the investor community to seamlessly set up mandates swiftly and easily.”

The service is now live on the Angel BEE app and will be integrated into its other platforms shortly as well.

About Angel Broking:

Angel Broking Ltd (ABL) is one of the largest retail broking houses in India in terms of active clients on NSE. ABL is a technology-led financial services company providing broking and advisory services, margin funding, loans against shares and financial products distribution to its clients under the brand “Angel Broking”. Broking and allied services are offered through (i) online and digital platforms, and (ii) network of over 11,000 Authorized Persons.

ABL had more than 5.7 mn downloads of Angel Broking mobile application and over 1.0 mn downloads of Angel BEE mobile application, which enable clients to avail services digitally. Our customer outreach spans across approximately 96.8% or 18,635 pin codes in India. ABL manages ~₹ 192,830 mn in client assets and over 2.7 mn operational broking accounts.

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