Paytm’s online mutual fund investments platform ‘Paytm Money’ has announced the launch of “Register SIP Now, Pay Later” feature for its users. With most of its users investing via SIP mode in mutual funds on its app, this new feature helps all investors start their SIPs by making the payment immediately or choosing to pay later. For users opting for this, Paytm Money sends the SIP for registration to the AMC once the first payment for the Mutual Fund scheme is made successfully.
According to a statement from the company, those who have enabled the auto-pay feature via mandates for their SIPs, the amount will be automatically invested on scheduled SIP date. On the other hand, investors who have opted to make payments via UPI or Net Banking will be reminded to make payments for their SIPs on the scheduled dates.
“Paytm Money encourages disciplined investing in mutual funds via SIPs for its investors, and we are pleased to see that more than 75% of our investors are opting for SIPs. With the ‘Register SIP Now and Pay Later’ feature investors who wanted to invest via SIPs, but, didn’t have funds at the time of registering, can now choose to make the payment when they have the required funds. Paytm Money will continue to innovate in this space with the aim to provide the best SIP management experience to its users,” says Pravin Jadhav, whole-time director, Paytm Money.
Launched in September 2018, Paytm Money has crossed over one million users, as per the company. Paytm Money allows users to invest in lump sums or through the SIP route for as little as Rs 100 for some schemes. At the time of the launch, it partnered with 25 Asset Management Companies (AMCs) to offer direct plans of Mutual Funds which come with lower expense ratios due to zero distribution fees or commissions.