Now, invest in mutual funds with ICICI Securities using UPI payments; key things to know

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January 30, 2019 4:50 PM

The customers can avail multiple payment modes through UPI along with already existing mediums, Paytm said.

paytm, Alibaba, paytm hotel aggregation business, how to book hotel on paytm, hotel booking app NightStay, vijay shakher sharma, Zuri, Sarovar, Treebo, Vresorts, Sterling, Ginger, Bloomrooms, OYO rooms, पेटीएम, पेटीएम ट्रैवल ऐप, अलीबाबा, विजय शेखर शर्माThe customers can avail multiple payment modes through UPI along with already existing mediums, the company also said. (Reuters)

ICICI Securities on Wednesday launched a new facility for mutual fund investors. Now, they can use Unified Payments Interface (UPI) based payment mode to purchase funds on its online trading platform, the company said in a statement. The customers can avail multiple payment modes through UPI along with already existing mediums, the company also said.

“We are confident that the customers will find this new feature very useful as UPI has emerged as a leading payment option for millions of Indians for their everyday transaction and now they can invest in MFs also through this,” Hariharan M, Senior VP  Products Advisory Group, ICICI Securities said.

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The facility would be extended to other non-equity products online as well, he added.

How the service works

With this service, the customers can now register up to 3 Virtual Payment Address (VPA)  – an ID, which a user creates by linking their accounts to their bank or BHIM mobile app – from different bank accounts and can also invest lump sum amounts or set up systematic plans including Systematic Investment Plan (SIP) and Target Investment Plan (TIP).

Meanwhile, Paytm Money had recently come out with a similar facility for investors using which they could buy mutual funds by just using Unified Payments Interface (UPI) based payment mode on the on Paytm Money app.

“As UPI based payments continue to witness massive adoption across all forms of online transactions, we are very excited to offer the same convenience of UPI to the mutual fund investors via Paytm Money,” Pravin Jadhav, Whole-time Director, Paytm Money had then said.

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