PhonePe, India’s largest digital payments company, today announced the launch of UPI based AutoPay functionality for it’s mutual fund investment offerings that will allow its customers to set up their Mutual Fund SIPs in just a few seconds. This makes PhonePe the first digital investment platform to introduce this feature in the country.
With UPI Autopay, PhonePe customers can set up their SIPs in just 3 steps: Select Fund, Input Monthly SIP Investment amount, and authenticate with UPI PIN making it a first of its kind experience for millions of users across India. It also 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 SIP through UPI AutoPay option is available for all existing and new investors on the PhonePe app.
How to set up UPI AutoPay for Investments on PhonePe:
- Click on the ‘Start a SIP’ icon in the investment section on the PhonePe app homepage.
- Choose your investment style (from conservative/moderate/aggressive) and duration of investment (short/medium/long term)
- Select a fund and enter the monthly investment amount
- Enter your 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.
PhonePe is India’s largest digital payments platform with over 307 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance and Corona Care, a dedicated insurance product for the COVID-19 pandemic among others. PhonePe also launched its Switch platform in 2018, and today its customers can place orders on over 600 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus etc. directly from within the PhonePe mobile app. PhonePe is accepted at over 20 million merchant outlets across 12,000 towns and 4,000 talukas nationally.