Customers will now be able to open NPS accounts on their mobile devices by simply scanning a QR code. Also new subscribers will be able to contribute further through QR code.
It allows mutual fund investors to use their Virtual Payment Address (VPA) / UPI handle to set up Autopay facility for their systematic investment plan (sip) contribution.
What is UPI Autopay?
UPI Autopay option has been made available by NPCI for recurring payments. Customers can now enable recurring e-mandate using any UPI application for recurring payments like sale bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds etc.
CAMSPay is enabling UPI autopay solution in CAMS-serviced mutual funds and will soon expand to NBFCs, insurance, education and other sectors.
Tata Mutual Fund investors can now use their UPI apps to require Autopay service for their Systematic Investment Plan (SIP) contributions through UPI AutoPay of CAMSPay.
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 ensure NAV allocation.
Speaking on the launch of UPI Autopay for Tata Mutual Fund, Vasant Jaipaul, CEO, CAMSpay said, “UPI as a payment option is on an uptrend as more investors are adopting this payment mode for mutual fund purchases.”
With Tata Mutual Fund,
Mutual Fund UPI allows Autopay to start the registration process for Systematic Investment Plans (SIPs) in Mutual Funds from April, 2022. With this move, the company will enable investors in mutual funds to connect their existing Unified Payments Interface (UPI) applications. Generate a mandate for their SIP investments.