ICICI Securities (I-Sec), the sixth largest mutual fund distributor in India, has introduced a new channel of payment mode Unified Payment Interface (UPI) to invest in mutual funds on its online platform – icicidirect.com.
With the launch of UPI service, I-Sec customers can now avail multiple instant payment modes for their investments through UPI along with existing payment modes such as linked ICICI Bank account, net banking and one time mandate (OTM).
UPI is a next generation payment system pioneered by National Payment Corporation of India (NPCI) that allows account holders across banks to make payments using their VPA (Virtual Payment Address). Simply put, the customers will no longer required to furnish bank details to execute transactions.
Hariharan M, Sr. VP – Products Advisory Group, ICICI Securities, 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. Going forward, we aim to extend this facility to other non-equity products online as well.”
How does it work?
Once the investor selects UPI as the payment option during an online purchase, he will be prompted to enter his VPA. A simple authorisation by the investor on his UPI mobile application will complete the transaction. Investors can add up to 3 VPAs and invest lump sum amounts or set up SIPs.
