FundsIndia Partners with YES BANK to Launch UPI on Mobile for Faster Easier Payments

by Shrutee K/DNS

New Delhi, 14^th December, 2017: 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.

“We believe an empowered customer is a happy customer”, said Srikanth Meenakshi, Co-founder and COO, FundsIndia.com. “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 said.

Commenting on the development Ritesh Pai, Chief Digital Officer, YES BANK, said, “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. 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% in Merchant Payments on the UPI platform.”

Speaking on the launch, C.R. Chandrasekar, Co-founder and CEO, FundsIndia.com said, “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”. 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.

About FundsIndia

FundsIndia, an initiative of Wealth India Financial Services Pvt. Ltd., is India’s first online-only investment website. A free investment platform, it offers an array of financial products like mutual funds, equities, and deposits. FundsIndia has over 1.5 lakh investors on board, over Rs. 4500 crore in AUM, and processes 2, 40,000 SIPs every month. FundsIndia also offers value-added services like free financial advisory services, flexible SIPs, trigger-based investing, access to India’s most comprehensive automated advisory service – Money Mitr, and more. Learn more at www.fundsindia.com.

About YES BANK

YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.

YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING INDIA’s FINEST QUALITY LARGE BANK by 2025”.