New Delhi, April 15, 2021: In line with its promise to make investments more seamless and accessible to the widest section of Indian society, India’s favorite investment app, ETMONEY has launched the country’s first Aadhaar-based SIP payments feature. With this, anyone can now start a SIP online and set up automatic payments using a simple Aadhaar based OTP verification.
In a country like India, digital banking services including net banking have a limited reach and face obstructions like failed login attempts and the hassle of remembering passwords. Because of this setting up automated SIP payment instructions, popularly known as payment mandates, has limited success rate. But with more than 100 Cr bank accounts linked to Aadhaar, and the simplicity of OTP verification, this new feature can now make online investments accessible to a larger section of the society.
ETMONEY’s latest innovation is a step forward in its vision to make India financially stronger. And this Aadhaar-linked SIP payment mandate will enable more Indians to invest regularly via SIPs, promoting better financial discipline amongst the masses.
Speaking on the latest Aadhaar-based SIP set up, Founder-CEO Mukesh Kalra said, SIPs work best for investors who automate the payment towards their monthly investments. And we want to help all those Indians who find using their bank’s internet banking cumbersome by providing them an option to set up their SIP mandates easily through their Aadhaar linked bank accounts. We are confident this will go a long way in taking online investments to that section of Indian society who is still not a part of digital banking services.”
ETMONEY is India’s largest app for financial services that is simplifying the financial journey of new-age Indians. Consumers use ETMONEY to invest in zero-commission direct mutual funds for free, save for their retirement with NPS, protect their families with unique Insurance solutions & use ETMONEY Credit Card to take instant loans at low-cost. Growing at 350% yearly, combined with multiple innovative solutions, it has grown to 8Mn users from more than 1300+ Indian cities and is driving more than $500Mn of non-payment annual transaction volume on its platform.