CAMSPay has collaborated with Tata Mutual Fund to launch the UPI AutoPay solution, while simultaneously also enabling the instant systematic investment plan (SIP) registration.
CAMSPay said in a press release that Tata Mutual Fund has enabled one-time and recurring payments via CAMSPay’s UPI AutoPay on their digital properties. Now, investors can use their UPI apps to mandate an AutoPay facility with CAMSPay’s UPI AutoPay, for their SIP contributions in Tata Mutual Fund.
CAMSPay’s UPI AutoPay will offer real-time third-party verification, which is mandated for mutual fund payment as well as same-day funds settlement to ensure allotment of net asset value (NAV). CAMSPay has also fine-tuned UPI AutoPay to make it optimal for recurring payments for SIP products and variants, CAMSPay said in a statement.
CAMSPay said that retail investors increasingly preferred investing in mutual funds through the SIP route for long-term wealth creation, and that is the reason why they have come out with this facility. There has been an unprecedented growth in SIP investments, which is a sign of rising investor confidence, it said.
Vasanth Jeyapaul, CEO, CAMSPay, said: “As a payment option, UPI has been on an uptrend, as more investors are embracing this payment mode for mutual fund purchase. We are excited to introduce a new payment flavour to serve the mutual fund ecosystem - UPI AutoPay, an industry-first launch in partnership with NPCI. Launching the payment option for Tata Mutual Fund is a milestone in our commitment to bring compelling payment options combined with best-in-class service excellence and fulfilment.”
CAMSPay further said that it is enabling the UPI AutoPay solution across CAMS-serviced mutual funds and will soon offer the service to non-banking financial companies (NBFCs), insurance, education, and other sectors.
The statement further said that digital conveniences and payment options, such as eNACH has accelerated the set-up of SIP very seamless. CAMSPay has been an integral payments partner in this and had extensively supported the transition of mutual funds from the paper-based mandate process to offering digital payment solutions to investors.
Now, the UPI AutoPay that will allow for smooth recurring payments for SIP is the next generation process towards this digitisation.