UPI for IPO – How to Use UPI Payment Option to Appy for IPO

As per the reports there are 70% retail ipo investors are doing application via ASBA. As the ipo market is doing well and it will be there for the retail investors for longer period SEBI is looking to introduce UPI payment option as alternate to ASBA. Currently two types of systems retail investors are using. One is online Bank ASBA and second is Broker ASBA. This process is taking 1-2 days time for the application submission. Streamlining the Process of Public Issue of Equity Shares and convertibles. Checkout how to create UPI? How to use UPI for IPO? or How to do UPI payments for IPO.

UPI (Unified Payments Interface) is a mobile based payment platform which can transfer funds from one bank account to another bank account instantly. It will speed up the process of listing as well. The main concern is the paper work UPI payment option will reduce the same.

UPI Payment Option Benefits:

What is UPI?

As its name Unified Payments Interface – a unique 16 digit number generated from your bank which can be used for money transfer or make payment using IMPS. It works 24×7 and its faster than NEFT. NPCI – National Payments Corporation of India is setting up the UPI with support of Reserve Bank of India. UPI Payment will ease for investors without digital wallet, credit or debit cards.

How to get UPI?

You Need:
– Bank A/C
– Mobile number should be linked with bank a/c
– Smart Phone with internet facility
– Debit Card for re-setting MPIN.

Service Activation:
– Download the App for UPI
– Do registration online on the App with a/c details
– Create a virtual ID
– Set MPIN
– 5-7 minutes

What is required for Transaction:
– Smartphone with internet facility
– Registered device only
– Use registered MPIN
– Self Service Mode

Transaction Cost:
– NIL to customer by most Banks
– Customer pays for data charges

Checkout the official screenshots from SEBI about how to use UPI payments for IPO.

Refer: cashlessindia.gov.in & SEBI Official Announcement