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Paytm Money - India's largest online-only platform for Mutual Fund investments today announced that its investors can now make mutual fund investments using UPI based payment mode on the app.
"As UPI based payments continue to witness massive adoption across all forms of online transactions, we are very excited to offer the same convenience of UPI to the mutual fund investors via Paytm Money," said Pravin Jadhav, Whole-time Director of Paytm Money.
According to a company along with UPI, investors on Paytm Money can still continue investing in SIPs and 1-tap investments through Auto-Pay with over 190 banks via automated e-mandates & Net Banking.
Paytm Money offers only direct plans of mutual funds that come with lower expense ratio due to zero distribution fee or commissions which in turn gives investors a better return on Investments.
Users can start investing in mutual funds with as little as Rs.100 via SIPs (Systematic Investment Plan) in some schemes or with higher amounts via lump sum mode. This investment service is completely free for the users.
To recall, the company has invested Rs. 200 crores in a festive marketing campaign to increase awareness around its convenience and enable more users to adopt Paytm UPI for instant money transfers.
This year in May, Paytm has also introduced the "My Payments" feature to ensure its users are able to automate all regular payments. With My Payments, recurring expenses can be scheduled for a particular day of every month. Once My Payments are set, it will help ensure that all bills and expenses are taken care of well ahead of time.
Paytm has rapidly evolved from being a wallet company to a full stack payments provider by offering multi-source and multi-destination solutions.
The platform is used by millions of users for instant bank transfers for House Rent, Maid's Salary, Tuition Fee, or Newspaper/Milk vendor among others. The company has already achieved a run rate of 1 Billion transactions per quarter, making it the largest payments service provider in the country.