Paytm's new feature to allow users to invest in SIPs, pay for it later
Paytm’s wealth management division, Paytm Money, on Tuesday announced the launch of “Register SIP Now, Pay Later” feature on its app. The newly-launched feature will allow investors to start their SIPs without making the payment immediately or choosing to pay later.
According to the company, a vast majority of investors on Paytm Money choose to invest via SIP mode in mutual funds on its app.
Further, the ‘Pay Later’ option is enabled across all mutual fund schemes on the platform. With this addition, users just have to pick a scheme, along with a date of investment, and choose to pay on a later date as an option.
Pravin Jadhav, Whole-time Director, Paytm Money explains further,
“Paytm Money encourages disciplined investing in mutual funds via SIPs for its investors, and we are pleased to see that more than 75 percent 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.”
Apart from ‘Pay Later’, the Paytm Money app also allows investors to enable Auto-Pay via mandates for their SIPs. The amount is automatically invested on scheduled SIP date; whereas, 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.
Launched in September last year, Paytm Money is a direct mutual funds investment platform, which has partnered with close to 35 AMCs (Asset Management Companies).
In seven months of its launch, the platform already claims to have over one million users. Recently, it enabled mutual fund investing via UPI, tracking of all mutual fund investments, and many features to improve the investing experience for its users.
The company has more than 250 members at present, and is headquartered out of Bengaluru.