Description

BSE advises MFIs/MFDs/RIAs to enable UPI Intent/QR mode as UPI Collect flow may be discontinued soon for one-time payments.

Summary

BSE has issued an urgent advisory to Mutual Fund Intermediaries (MFIs), Mutual Fund Distributors (MFDs), and Registered Investment Advisors (RIAs) regarding an upcoming change in UPI payment processing. Payment Aggregators have indicated that the UPI Collect flow (Pay via UPI ID/Number) may be discontinued in the near future for one-time UPI payments. To ensure uninterrupted payment processing, members must enable/integrate UPI Intent/QR mode with their respective payment aggregators immediately.

Key Points

  • UPI Collect flow (Pay via UPI ID/Number) may be discontinued soon for one-time UPI payments
  • Applies to all MFIs, MFDs, and RIAs operating on BSE platform
  • Requires integration of UPI Intent/QR mode with payment aggregators
  • Action required to prevent disruption in payment acceptance
  • Members must contact their payment aggregators to confirm integration

Regulatory Changes

Payment Aggregators are phasing out the UPI Collect flow for one-time payments, necessitating a shift to UPI Intent/QR mode for payment processing in the mutual fund segment.

Compliance Requirements

  • Immediate Action: Contact payment aggregator to enable/integrate UPI Intent/QR mode
  • Verification: Confirm UPI Intent/QR integration with payment aggregator
  • Migration: Complete seamless migration to new payment mode before UPI Collect discontinuation
  • Applicable To: All MFIs, MFDs, and RIAs processing UPI payments through BSE platform

Important Dates

  • Notice Date: February 3, 2026
  • Action Timeline: At the earliest (specific discontinuation date not specified but described as “near future”)

Impact Assessment

Operational Impact: High - Failure to integrate UPI Intent/QR mode will result in inability to accept UPI payments, disrupting investor transactions and payment flows. This affects the entire mutual fund distribution ecosystem on BSE.

Market Impact: Medium - While limited to mutual fund segment, UPI is a primary payment mode for retail investors. Disruption could affect mutual fund subscription volumes.

Technology Impact: High - Requires technical integration with payment aggregators and system updates to support new payment modes.

Stakeholder Impact: All mutual fund intermediaries and distributors must take immediate technical action to maintain business continuity.

Impact Justification

Critical payment infrastructure change affecting all MFIs/MFDs/RIAs; requires immediate action to prevent payment disruptions