YES Bank and FundsIndia.com, jointly launched UPI service on Android app for mutual fund payments. FundsIndia becomes the first online mutual fund distributor to support UPI for client payments. The system supports 58 banks and FundsIndia expects a wider customer base to take advantage UPI for smoother, quicker payments. Investors will now be able to complete payments for their transactions in less than a minute. Srikanth Meenakshi, co-founder and COO, FundsIndia.com, said 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. Backed by YES Bank’s technology platform, 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.
