Angel Broking has received National Payments Corporation of India nod (NPCI) for UPI AutoPay for mutual fund investments. The first-of-its-kind feature cuts down the e-mandate authentication time to less than a minute. It has also eliminated the e-Mandate registration cost.

Vinay Agrawal, CEO, Angel Broking, said the launch of UPI AutoPay for SIPs will do away with several bottlenecks in e-mandate registration.

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 (National Automated Clearing House) mandates seamless with the touch-of-a-button experience bringing down the turnaround time of e-Mandate authentication for SIPs to a few seconds.

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 ₹2,000) as well as period and choosing the UPI AutoPay option in the next screen.

Prabhakar Tiwari, CMO, Angel Broking, said the 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, he said.

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