Chennai : In an ‘industry-first’, IDFC Mutual Fund enabled UPI AutoPay, an NPCI initiative, allowing mutual fund investors to use their existing UPI applications (i.e. Google Pay, PhonePe, Paytm, BHIM, Amazon Pay, etc.) to create a mandate for autopay facility for their Systematic Investment Plans (SIPs) investments.
According to a press release, investors can initiate the SIP registration on the IDFC Mutual Fund portal (https://idfcmf.com/) by entering their Virtual Payment Address (VPA)/UPI handle, followed by a one-time authentication of the mandate in their UPI application.
The registration process is hassle-free, and the installment payments get deducted automatically on the selected SIP date, it added.