NPCI introduces UPI AutoPay facility for

NPCI introduces UPI AutoPay facility for recurring payment

• Customers can now set e-mandate on UPI platform to perform recurring payments of upto Rs. 2000; for amount above Rs. 2000, customers have to execute every mandate with UPI PIN
• Customers can now enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments among others
• The facility to provide millions of UPI users convenience, safety while making recurring payments

National Payment Corporation of India (NPCI) said that it has launched the functionality of UPI AutoPay for recurring payments. With this new facility introduced under UPI 2.0, customers can now enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments among others of upto Rs. 2000. If the amount exceeds Rs. 2000, customers have to execute every mandate with UPI PIN.

Any UPI-enabled application would also have a ‘Mandate’ section, through which customers can create, approve, modify, pause as well as revoke auto debit mandate. The mandate section will allow customers to view their past mandates for their reference and records. UPI users can create e-mandate through UPI ID, QR scan or Intent. The pattern for auto debit mandate has been created keeping in mind customers’ spends on recurring payments. The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half yearly and yearly. 

Both, individual users and merchants can benefit from this feature tremendously, as mandates are generated instantly and payments get deducted automatically on the authorized date. The customers have to authenticate their account through UPI PIN for one-time and subsequent monthly payments would be debited automatically.

Some of the banks, merchants and aggregators who have already gone live with UPI AutoPay are Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Paytm Payments Bank, AutoPe-Delhi Metro, AutoPe-Dish TV, CAMS Pay, Furlenco, Growfitter, Policy Bazaar, Testbook.com, The Hindu, Times Prime, Paytm, PayU, RazorPay, among others. Jio Payments Bank, State Bank of India and YES Bank will soon go live with UPI AutoPay. 

Nandan Nilekani Chairman and Co-Founder, Infosys Limited said, “UPI being the one stop destination for customers’ day-to-day spends, acts as a backbone of digital India. Introducing UPI AutoPay on UPI is a testament of continuous innovation in the digital payments space. This was also one of the key recommendations of the RBI Committee on Deepening of Digital Payments, which I chaired. It is a proud moment for the ecosystem to witness features like UPI AutoPay, which is technology driven that requires minimum human intervention.”

Rajnish Kumar, Chairman, SBI said, “We are glad to witness the launch of UPI AutoPay facility at this momentous event. We believe this unique facility would enable customers streamline their recurring bill payments and help them get rid of paying those bills manually. It is a pleasure to watch both banks and digital payment ecosystem collectively working towards providing utmost convenience to customers. We are confident that the coming years would bring in various innovative digital payments solutions keeping in mind customers ease of payments convenience and safety.”

Dilip Asbe, MD & CEO, NPCI said, “The launch of UPI AutoPay is a step ahead in India’s journey towards digitization. We have been witnessing a lot of changes in the way customers are making recurring payments over the last few years. The UPI AutoPay offering would provide millions of UPI user’s convenience and safety while making recurring payments. We believe, this facility will not only benefit customers, but also merchants with an all new recurring payments experience. We also hope to achieve new milestones by expanding UPI's presence especially in the P2M payment space”.

With RBI continuously encouraging customers to adopt digital payments, offerings like the launch of UPI AutoPay would further attract customers to on-board UPI and witness a new arena of digital payments. The UPI 2.0 offers features such as overdraft facility, one-time mandate, invoice in the inbox and signed intent & QR and foreign inward remittance among others to the customers.

RankMF Launches India’s First Mutual fund Portfolio

RankMF Launches India’s First Mutual fund Portfolio Sanitization Tool: SmartSwitch 

• India’s first revolutionary mutual fund portfolio evaluation and recommendation tool
• Investors will be able to evaluate their current mutual fund portfolio, check their portfolio score and switch poor-performing funds into new recommended funds
• #RankMFSmartSwitch

RankMF, a Samco Group brand, announces the launch of a new and superior portfolio upgradation tool, ‘SmartSwitch’. RankMF’s  SmartSwitch is a revolutionary mutual fund portfolio evaluation and recommendation tool that helps to analyse your existing mutual fund portfolio giving quality score on various parameters like 

• Quality of existing mutual funds
• Category of mutual funds
• Over or under exposure to specific fund or category
• Over or under diversification

SmartSwitch uses RankMF’s proprietary research and rating engine to recommend switching of poor-performing schemes with high quality recommended schemes. 

“Approximately 11 lakh crores of AUM is stuck in less than 4 stars rated funds. It is important that these investors let go of their emotions to stay invested in these poor-quality funds and shift their investments to good quality funds to avoid further losses,” highlighted Mr. Jimeet Modi, CEO, Samco Group. 

“If you are someone who has invested money with great discipline and still haven’t made gains over a long period means there are great chances that you have invested your money in the wrong mutual funds. SmartSwitch will help investors get a quality score for their portfolio, get specific recommendations and then will allow them to switch poor-quality funds to better-recommended funds,” he added further. 

In the past 1 year 

1.  89% of AUM in Large-Cap Category has given negative returns of 5% to 22%.

2.  86% of AUM in Multi-Cap Category has given negative returns of 5% to 27%. 

3.  99.5% of AUM in Small-Cap Category has given negative returns of 5% to 26%. 

4.  82% of AUM in Mid-cap Category has given negative returns of 5% to 18%.

* Data as on 1st July, 2020 – Source AMFI.

The above data statistics clearly emphasize starting your new mutual fund’s investments in the right funds. 

Mr. Omkeshwar Singh, Head - Rank MF, Samco Group commenting on the launch added that, “Choosing the right funds is the main objective when investing in Mutual Funds. The funds can in turn give negative returns after some time and that investor can end up having an over-diversified portfolio. SmartSwitch is a revolutionary solution for these investors. They can simply upload their eCAS, check their portfolio score and switch their existing investments from poor quality or non-performing funds to a recommended quality mutual fund portfolio.” 

How Does SmartSwitch Work?

RankMF provides the only mutual fund research which does not rate and rank mutual funds on past performance. RankMF takes into consideration a variety of factors into consideration and over 20 million data points such as expense ratios, standard deviation, beta, market valuations, and multiples, portfolio holdings and diversification/concentration of portfolio, the cash ratio of a fund, size of the fund, the predicted yields and we can go on and on, however one of the most important factors is the actual portfolio quality of holdings since that is what is going to deliver investor returns.