Customers will now be able to open NPS accounts on their mobile devices simply by scanning a QR code. In addition, new subscribers will be able to make further contributions through QR code.
This allows mutual fund investors to use their virtual payment address (VPA)/UPI handle to set up an Autopay facility for their Systematic Investment Plan (SIP) contributions.
What is UPI Autopay?
The UPI AutoPay option for recurring payments has been made available by NPCI. Customers can now enable recurrent e-mandate using any UPI application for recurring payments such as cell bills, power bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds, and more.
CAMSPay is enabling the UPI AutoPay solution across CAMS-serviced Mutual Funds and will shortly expand to NBFCs, insurance, education, and other sectors.
TATA Mutual Fund investors can now utilise their UPI apps to require an AutoPay service for their Systematic Investment Plans (SIPs) contributions via CAMSPay’s UPI AutoPay.
CAMSPay’s UPI AutoPay also provides real-time third-party verification, which is required for mutual fund payments, as well as same-day fund settlement to assure NAV allotment.
Speaking on the launch of UPI AutoPay for TATA Mutual Fund, Vasanth Jeyapaul, CEO CAMSPay, said, “UPI as a payment option has been on an uptrend as more investors are embracing this payment mode for Mutual fund purchase.”
Along with Tata Mutual Fund,
Mutual Fund also allows UPI AutoPay to start the registration process for Systematic Investment Plans (SIPs) in mutual funds since April, 2022. With this move, the company will enable investors in mutual funds to add their current Unified Payments Interface (UPI) applications to generate a mandate for their SIP investments.