New Delhi [India], Dec 14 (ANI): FundsIndia.com, India's premier investment platform for mutual funds and equities, has partnered with YES BANK to launch Unified Payments Interface (UPI) on their Android app for mutual fund payments. Powered by YES BANK, FundsIndia becomes the first online mutual fund distributor to support UPI for client payments.
UPI offers the benefit of instant processing of payments and is currently the fastest way to complete mutual fund transactions, compared to Net Banking, NEFT and other payment methods.
As FundsIndia's UPI integration supports 58 banks, a wider customer base can now take advantage of technology for smoother, quicker payments. Investors will now be able to complete payments for their transactions in less than a minute. The UPI platform is powered by YES BANK's state-of-the-art UPI SDK and API Banking solutions.
"This launch marks a significant milestone in the mutual fund landscape, as UPI offers customers the fastest and most convenient way to pay for their transactions. With UPI, a customer does not have to leave the app at all to fully complete an investment transaction - reducing the time taken, as well as making it more reliable," he added.
"YES BANK, since inception, has been a pioneer in innovating digital technologies to ease financial transactions. We are pleased to partner with FundsIndia to implement mutual fund payments powered by our state-of-the-art UPI solution. Going forward, with UPI 2.0 features soon be rolled-out by NPCI, the convenience of paperless payment mandates for products like Mutual Funds will be a big win for investors," said chief digital officer YES BANK, Ritesh Pai.
"We are happy that we have been able to identify various payment needs of consumers across the country and have built leadership in UPI with a market share of 70 percent in Merchant Payments on the UPI platform," added Pai.
"Our investment in technology underscores our philosophy to support continuous innovation and customer centricity. We are delighted to be the first in the industry to bring this technology to our customers," said C.R. Chandrasekar, co-founder and CEO, FundsIndia.com.
To start using UPI as a payment option, one needs a Virtual Payment Address (VPA). Backed by YES BANK's engine, FundsIndia investors can create their own VPA on the FundsIndia Android app. This VPA can be linked to a bank account held by the customer from any of the 58 supported banks.
FundsIndia has plans of launching UPI on their iOS platform too, shortly. (ANI)