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Homegrown digital payments platform PhonePe on Monday announced the launch of UPI based AutoPay functionality 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 SIPs in three steps – selecting the fund, input of monthly SIP investment amount, and authentication with a UPI PIN.
Also read: PhonePe and Flipkart partner to digitise cash-on-delivery payments
“It furthers PhonePe’s vision to continually enhance the end-to-end customer experience while catering to their needs in building the investment portfolio of their choice,” the company said in an official release.
The SIP through UPI AutoPay option is available for all existing and new investors on the PhonePe app.
In order to set up UPI AutoPay for Investments on PhonePe, users can click on the ‘Start a SIP’ icon in the investment section on the PhonePe app homepage.
From there, they can choose their investment style (from conservative/moderate/aggressive) and duration of investment (short/medium/long term).
Also read: PhonePe launches a new wallet auto top-up feature
Users can select a fund, enter the monthly investment amount and then enter their UPI pin to set up regular investments.
Customers can also access the UPI Autopay feature when they opt for monthly SIPs through any of the mutual fund investment options available on PhonePe, it said. The platform has over 307 million registered users.
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