Digital payments have become part and parcel of life for every foot forward in life. Be it grocery shopping, movie tickets or bank transactions worth big bucks. Payments through the internet like cards, internet banking, and POS machines are as easy as getting bus tickets now. Therefore, it becomes another casual affair to use the internet for paying mutual funds. One of the latest payment bandwagons to join the growing gateways is the UPI or Unified Payments Interface.
Another realm of internet banking
There is no increased complexity like the upgraded name suggests in UPI. It is just another tributary of Internet banking, where you are making your mutual fund investments, but without opening an internet banking account. It is raining apps and stock market activities are simply cashing in on the use of technology. UPI also does the same, it is a smartphone app can be conveniently installed on your mobile and used through your personal Virtual Payment Address (VPA). Advanced technology aids here for your convenience, an interactive software has been created, which intelligently and consciously taps the instructions from the user and carries out the action.
For investing money using interface apps, the below listed three quick steps will do the trick:
- Install the app on your mobile, by selecting the compatible version. There are separate versions for androids and iOS mobiles.
- Create your own VPA and attach it to your smartphone.
- Link your phone to the bank account and the VPA gets attached to it. Start your smart investment by activating the VPA.
Yes, this is as simple as entering your office by swapping your Identity Card. Your VPA is the ID card here. Visit the official website of the mutual fund where you want to invest, and after you have made all the selections regarding the scheme, choose the app as the payment mode and give the VPA. The rest is done like a transparent and secure bank transfer.
What are the additional benefits of using Interface payment mode?
Internet banking facilities like NEFT and RTGS are almost dominating the online transactions, but have certain limitations with regard to restrictions in the timing and amount. Plus, unless you give a standing instruction for automatic payments, you have to manually login with a secure and stable internet connection every time.
With the new interface app, you can transmit money in a single click on your mobile, without patient logging in, detail filling and transmitting, once the initial registration is done. It gives:
- Quick and instantaneous payment any time during the 24 hours.
- Privacy of financial and personal details.
- Facility to do multiple transactions without restriction to the amount.
When are you making your smart investment for a sure bonus?