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PhonePe launched UPI based AutoPay Function for MF SIP

Published on August 04, 2021
Current Context: The PhonePe, which is the digital payments platform launched UPI based AutoPay functionality for its mutual fund investment.
PhonePe launched UPI based AutoPay Function for MF SIP
  • This will help customers to set up their mutual fund SIPs in three steps namely selecting the fund, entering monthly SIP (Systematic Investment Plan) investment amount, and authentication with a UPI PIN.
  • The introduction of UPI based AutoPay functionality for MF SIP will help PhonePe to offer an excellent end-to-end customer experience.
  • The function of SIP through UPI AutoPay is available for all existing and new investors on the PhonePe app.
  • To avail of this, users are supposed to click on the ‘Start a SIP’ icon in the investment section on the PhonePe app homepage. Then they can select their investment style and duration of the investment.
  • Further, the user can select a fund, enter the monthly investment amount and then authenticate UPI pin for regular investments.
  • Static Part: 
    • HQ of PhonePe: Mumbai
    • CEO of PhonePe: Sameer Nigam
    • The AutoPay feature was introduced by NPCI in 2018 to allow customers to set e-mandates through UPI app.
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