Investing in schemes of Karvy serviced fund houses just got simpler. Karvy Computershare has introduced an additional mode of payment in its mutual fund app KTrack through which your clients can execute transactions in mutual funds through e-payment wallets like Unified Payment Interface (UPI).
UPI is a next generation payment system pioneered by NPCI that allows account holders across banks to make payments using their VPA (Virtual Payment Address).
The R&T agent is providing this facility to their existing as well as new investors for lumpsum purchases and SIPs. However, there is a statutory per transaction limit of Rs.2 lakh.
Karvy Computershare claims that it is the first R&T agent to enable UPI on their mutual fund mobile app.
Sharing the rationale for this move, Karvy Computershare said that UPI facilitates seamless payment transactions and reduces turnaround time. While investments through internet banking could require up to 2-3 days for the completion of purchase to unit allotment process, UPI can crunch the time to one day.
How does it work
On selecting UPI as the payment option during an online purchase, the investor will be prompted to enter her VPA. A simple authorisation by the investor on her UPI mobile application will complete the transaction.
Apart from R&T agents, a few fund houses are also ready with the infrastructure for accepting payments through e-wallets like UPI, Paytm, FreeCharge and Mobikwik.
